- TMGOC acquired the Marriott hotel in Bethesda, Maryland.
- It is near the Montgomery County Conference Center.
- The hotel will continue to operate under Marriott International management.
TMGOC VENTURES ACQUIRED the 455-key Bethesda North Marriott Hotel in Bethesda, Maryland, with an institutional investor. Other terms were not disclosed.
The property is about five miles from downtown Washington, D.C., next to the Montgomery County Conference Center, TMGOC said in a statement. The hotel serves demand from life sciences, government contractors, group and leisure travelers. It also is near Pike & Rose, the University of Maryland Institute for Health Computing and the planned North Bethesda Transit-Oriented Development.
TMGOC, a real estate and development private equity firm in Boca Raton, Florida, is led by founders and managing partners Sunju Patel and Glenn Alba.
“With its cash flow and location in a growing Washington, DC submarket, the Bethesda North Marriott represents an opportunity to acquire a quality asset,” said Alba. “We look forward to creating additional value through asset management while delivering returns for our investors.”
The property underwent nearly $16 million in capital improvements since 2017, including guestroom renovations completed in 2018, the statement said. The hotel will continue to operate and be managed by Marriott International.
Patel said the acquisition reflects the company’s focus on investing in lodging assets at the right basis.
“We believe the market is at an inflection point for full-service hotels and group business and this asset is positioned to capture that upside as momentum builds,” he said.
With the closing, TMGOC’s portfolio grew to more than 3,767 hotel keys and $1.5 billion in existing and development pipeline investments.
In April, TMGOC broke ground on the 168-key Ritz-Carlton Savannah Downtown at the Savannah Skyscraper site. The hotel is set to open in the first quarter of 2028.
