District Hospitality Partners, a privately held hospitality investment group that owns properties nationwide, has acquired the Hilton Washington, D.C./Rockville Hotel and Executive Meeting Center.
"The Hilton Washington, D.C./Rockville is a key addition to our portfolio as we continue to accelerate our acquisition pace,” Fred Malek, CEO, District Hospitality Partners, said in a statement. “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 315-room property has nearly 40,000 square feet of event space across 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.
The property backs up to the Twinbrook Metro station, providing direct access to downtown Washington, D.C.; Capital One Arena; Union Station D.C.; and the D.C. airports. The hotel also is close to U.S. 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. Directly adjacent to the hotel is 450,000 square feet of retail space and nearly 1,000 residential units currently being built or in planning stages.