BETHESDA, Md.--(BUSINESS WIRE)--A partnership of Northview Hotel Group and an affiliate of Oaktree Capital Management, L.P. has acquired the Bethesda Marriott Hotel at Pooks Hill Road, Bethesda, MD.
The Bethesda Marriott is a full-service 407-key hotel located adjacent to Rockville Pike, approximately nine miles north of Washington D.C. and close to downtown Bethesda, the National Institute of Health, and Walter Reed Medical Center. The Hotel features a 180-seat three-meal restaurant, 19,000 square feet of meeting space, and indoor and outdoor pools. Marriott Hotels & Resorts manages the Hotel under a long-term management contract.
Northview previously owned the Hotel from 2004 to 2007 and oversaw a comprehensive renovation of the asset along with a restructuring of the land ownership from leasehold to fee simple.
Northview Partner, Simon Hallgarten, sees recent uncertainty in the market, coupled with Northview’s history with the Hotel as an advantage. “Northview is thoroughly familiar with both the Bethesda Marriott and the wider Bethesda market and we have confidence in the long-term value proposition presented by the acquisition. We have acquired the Hotel at a compelling basis, and have planned for a comprehensive renovation of the property – working with Marriott’s Architecture and Construction group to implement many of the exciting new designs that Marriott will debut in 2014. The newly-renovated asset will appeal to a wider base of customers and remain competitive within the market.” NVHG Management, Northview Hotel Group’s operating arm, will provide asset management services for the ownership group and oversee the completion of the renovation project.
The Marriott Bethesda marks Northview’s fifth acquisition since mid-2012. In 2012, Northview acquired Sanderling Resort & Spa, a picturesque oceanfront resort in the Outer Banks of North Carolina and the Sheraton Hotel in downtown Raleigh, North Carolina. In February, 2013, Northview acquired The Beach House Hilton Head, a beachfront hotel in Hilton Head, South Carolina, located adjacent to the Coligny Plaza retail hub. In September, 2013, the firm acquired The Queen & Crescent Hotel in the New Orleans CBD, just south of the French Quarter. All five transactions include a renovation component and strategic re-positioning program implemented by Northview’s construction management and operational teams. “The past 18 months have been an exceptional time for Northview,” said Northview Partner, Matt Trevenen. “Residual market dislocation in the lodging industry from the previous downturn continues to provide us with attractive risk-adjusted investment opportunities and we anticipate expanding our portfolio aggressively over the next twelve months.”
About Northview Hotel Group
Northview Hotel Group, led by Mark Mance, Simon Hallgarten, David Zeuske, and Matt Trevenen, was formed to make opportunistic hotel investments and to provide hotel management, asset management, and construction management services for owners and co-investors.
Since forming in 2004, Northview has purchased over $680mm of lodging assets, and overseen renovation projects totaling over $110mm. Northview Hotel Group has a portfolio of twelve unique properties ranging from small independent resorts to large urban branded hotels. The acquisition of The Bethesda Marriott Hotel marks Northview’s fifth acquisition in the last 18 months. For more information, please visit www.nvhg.com.
About Oaktree Capital Management, L.P.
Oaktree is a leader among global investment managers specializing in alternative investments, with $76.4 billion in assets under management as of June 30, 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 750 employees and offices in 14 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.