BETHESDA, Maryland—District Hospitality Partners announced the acquisition of the Hilton Washington DC/Rockville Hotel and Executive Meeting Center. This full-service property adds to the firm’s growing national portfolio of upscale hotels.
The 315-room property backs up to the Twinbrook Metro station, offering access to downtown Washington D.C., Capital One Arena, Union Station D.C., and the D.C. airports. The hotel also sits at the confluence of demand generators for its rooms and meeting space that include federal and state government institutions, including the National Institutes of Health, U.S. Department of Energy-Maryland, National Institute of Standards and Technology, the U.S. Food and Drug Administration; pharmaceutical and health companies, including AstraZeneca, Kaiser Permanente, Emergent BioSolutions, and Human Genome Sciences, Inc.; and defense-related companies, including Lockheed Martin, Westat, Inc., and Hughes Network Systems, LLC. Adjacent to the hotel are 450,000 square feet of retail space and nearly 1,000 residential units currently being built or in planning stages.
“The Hilton Washington DC/Rockville is a key addition to our portfolio as we continue to accelerate our acquisition pace,” said Fred Malek, CEO, District Hospitality Partners. “The property is located in a growing market with high barriers to entry and benefits from the balanced strength of its group and transient customers. With the property’s strong and balanced cash flows, the primary Hilton group option in the market, and the low basis and high capitalization rate, this acquisition represents our continued commitment to growing in top-tier markets with strong economic fundamentals and high-demand drivers. We plan to update the property by renovating the guest rooms, bathrooms, and corridors. These improvements are in addition to the previous owner’s recently completed renovation of the meeting space and common areas, including the lobby and restaurant.”
The property accommodates business and life cycle events with nearly 40,000 square feet of event space encompassing 26 rooms, including a 10,000-square-foot ballroom and on-site catering. Additional amenities include a fitness center, business center, restaurant, bar, and café.
