BETHESDA, MD-One of the top three hotels in this Maryland submarket traded last Friday for $92.1 million. Westbrook Partners and Northview Hotel Group sold the 407-key Bethesda Marriott, which sits on a 12-acre parcel 10 miles from Washington, DC, to a US-based opportunity fund. Cushman & Wakefield Sonnenblick Goldman brokered the deal on behalf of the sellers.

Owners of four-star property for three years, Westbrook and Northview invested some $13.5 million in capital improvements. These included the construction of a restaurant/lounge, a renovation of the Grand Ballroom and adjacent meeting rooms; refitting the fitness center with new equipment; and replacing the hotel guestroom soft goods. “The sellers did a lot to renovate and reposition it,” Mark Gordon, EVP, principal and head of the US Hotel Group for Cushman & Wakefield Sonnenblick Goldman, tells “Basically they did all of the heavy lifting in order to put it in a position to realize above market growth.”

Gordon declined to give the hotel’s ADR figures or other performance metrics, citing confidential reasons. In general, the Bethesda market caters to high end guests and business travelers. Gordon says it has performed particular well in the last few years as the Washington, DC market has grown. It also has high barriers to entry for similarly rated hotels. “There are only two other hotels that are competitive with the Bethesda Marriott,” Gordon says. “[They are] a Hyatt and a Bethesda Marriott North.”

Gordon noted that the transaction closed with minimal difficulty, despite the current upheaval in the capital markets. The buyer financed it in the CMBS market, he says. “I think that is significant given the reports of so many deals falling apart.”

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