Owners of four-star property for three years, Westbrook andNorthview invested some $13.5 million in capital improvements.These included the construction of a restaurant/lounge, arenovation of the Grand Ballroom and adjacent meeting rooms;refitting the fitness center with new equipment; and replacing thehotel guestroom soft goods. "The sellers did a lot to renovate andreposition it," Mark Gordon, EVP, principal and head of the USHotel Group for Cushman & Wakefield Sonnenblick Goldman, tellsGlobeSt.com. "Basically they did all of the heavy lifting in orderto put it in a position to realize above market growth."

Gordon declined to give the hotel's ADR figures or otherperformance metrics, citing confidential reasons. In general, theBethesda market caters to high end guests and business travelers.Gordon says it has performed particular well in the last few yearsas the Washington, DC market has grown. It also has high barriersto entry for similarly rated hotels. "There are only two otherhotels that are competitive with the Bethesda Marriott," Gordonsays. "[They are] a Hyatt and a Bethesda Marriott North."

Gordon noted that the transaction closed with minimaldifficulty, despite the current upheaval in the capital markets.The buyer financed it in the CMBS market, he says. "I think that issignificant given the reports of so many deals falling apart."