Hospitality investment group District Hospitality Partners has expanded its portfolio with the acquisition of the Hilton Washington DC/Rockville Hotel and Executive Meeting Center in Maryland, US.
Featuring a total of 315 rooms, the property is situated near key government and commercial institutions, Hotel-Online.com reported.
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The Hilton Washington DC/Rockville Hotel and Executive Meeting Center is located in an area that combines residential and commercial interests.
Its proximity to the Twinbrook Metro station provides guests with easy access to downtown Washington DC and other significant destinations, including Capital One Arena and Union Station DC.
The hotel’s location is particularly advantageous, being close to major demand drivers such as US and state government institutions, pharmaceutical and health companies, and defence-related companies.
Some of the notable nearby institutions include the National Institutes of Health and the US Food and Drug Administration, alongside corporations such as AstraZeneca and Lockheed Martin.
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By GlobalDataAdjacent to the hotel, significant developments are underway, with 450,000ft² of retail space as well as around 1,000 residential units either being constructed or in the planning phases.
This development is expected to further increase the demand for the hotel’s services.
The property features nearly 40,000ft² of event space, which includes ballrooms spanning 10,000ft², and offers on-site catering facilities.
Additional amenities include a fitness centre and multiple dining options.
District Hospitality Partners CEO Fred Malek said: “The Hilton Washington DC/Rockville is a key addition to our portfolio as we continue to accelerate our acquisition pace. 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 capitalisation 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.”
