District Hospitality Partners, a privately held hospitality investment group that owns properties nationwide, announced today 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 is located in one of the most sought-after and fastest-growing residential and commercial locations in the Washington Metro Area. The property backs up to the Twinbrook Metro station, offering guests easy and direct access to downtown Washington DC, Capital One Arena, Union Station DC, and the DC airports. The hotel also sits at the confluence of major demand generators for its rooms and meeting space that include US and State Government Institutions, including the National Institutes of Health, US Department of Energy-Maryland, National Institute of Standards and Technology, the US 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. Directly adjacent to the hotel is 450,000 square feet of retail space and nearly 1,000 high-end 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 one of the area’s largest ballrooms at 10,000 square feet and on-site catering. Additional amenities include a fitness center, business center, restaurant, bar, and café.
