NKF Capital Markets Arranges Sale of MD Hilton
The 301-key Hilton Washington North Gaithersburg offers a swimming pool and a fitness center. The property is set to undergo an extensive renovation plan under the new owner.
By IvyLee Rosario
NKF Capital Markets has closed the sale of the Hilton Washington North Gaithersburg hotel, located in Gaithersburg, Md. Alfred Weissman Real Estate purchased the 301-key asset.
The new buyer plans to implement an extensive capital improvements plan at the property, including renovations of the guestrooms and amenity spaces. Located at 620 Perry Parkway, the hotel features a fitness center, swimming pool, business center, meeting rooms, gift shop, bar, convenience store and Hertz Rent a Car. The 8-acre asset is situated off Interstate 270 and Maryland Route 355, providing access to Washington, D.C., and Baltimore.
NKF Capital Markets’ Executive Managing Director Andy Kern, Senior Managing Director Edward Goldmeier, Managing Director David Altobello and Director of Financial Analysis Michael Meller, facilitated the sale.
“Interest in the Hilton property was strong given the location in the Washington, DC metro area and the tremendous post-renovation upside of this institutional quality asset,” Kern said in a prepared statement. “The hotel has 15,600 square feet of conference space which provides the best meeting facilities in the market for corporate or social needs.”
Earlier this year, NKF Capital Markets arranged a $26.6 million acquisition loan for Hilton Melbourne Rialto Place, a 268-key, eight-story hotel in Melbourne, Fla.
Image via Google Street View
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