Newmark Capital Markets today announced the sale of the Hilton Washington North Gaithersburg located at 620 Perry Parkway in Gaithersburg, Maryland to Alfred Weissman Real Estate, LLC. The buyer intends on completing a comprehensive renovation of the 301- room hotel, including a full renovation of the guest rooms and public spaces.
Situated off I-270 at Montgomery Village Avenue and Maryland Route 355, the Hilton sits on more than eight acres and is easily accessible to Washington and Baltimore. The renovated hotel will serve corporations located along the growing I-270 Biotech corridor. Executive Managing Director Andy Kern, Senior Managing Director Edward Goldmeier, Managing Director David Altobello and Director of Financial Analysis Michael Meller of Newmark Capital Markets facilitated the sale.
“Interest in the Hilton property was strong given the location in the Washington, DC metro area and the tremendous post-renovation upside of this institutional quality asset.” said Kern. “The hotel has 15,600 square feet of conference space which provides the best meeting facilities in the market for corporate or social needs.”
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.