SILVER SPRING, Md., May 9, 2019 — Civitas Capital Group (“Civitas”), a leading independent specialty asset management and financial services firm, has closed on the acquisition of a dual-branded Hampton Inn by Hilton Silver Spring and Homewood Suites by Hilton Silver Spring property in Maryland.
Hampton Inn by Hilton Silver Spring and Homewood Suites by Hilton Silver Spring is a 239-room hotel that integrates the corporate and leisure icon Hampton Inn by Hilton with the top-tier, extended-stay brand Homewood Suites by Hilton. The property was originally developed as an office building in 1969 and converted to a hotel in 2009.
“Silver Spring is a dynamic suburban market, and this property is a perfect fit for travelers to the nation’s capital,” says Caroline Perel, managing director for Civitas. “It will feature the latest Hampton by Hilton prototype, giving the space a more modern feel, and we will combine this with a bespoke Homewood Suites design distinctly tailored to the D.C. market.”
Just five miles north of downtown Washington, D.C., the hotel is well located to capitalize on corporate and leisure demand drivers within the immediate area and nearby D.C. Metro area. The market’s key drivers are strong demographics, modern transportation networks, a stable core industry in the federal government, a steadily growing tourism industry, and an attractive quality of life. The area is home to one of the top commercial real estate markets in the world – in 2017, D.C. and its suburbs saw approximately $13 billion in investment sales. Silver Spring itself contains approximately 7.3 million square feet of office space and has just 7.8 percent vacancy across the city. The D.C. suburb is expected to benefit greatly from a $2.2 billion public investment to add a “Purple Line” – a 16-mile expansion of the D.C. light rail system that will link Silver Spring to other northern suburbs from Bethesda to New Carrollton.
The hotel sits in a burgeoning town center, the mixed-use Downtown Silver Spring, a one-stop destination featuring 2 million square feet of retail space complete with dining, shopping, entertainment, a farmer’s market, and concerts. A full renovation of the hotel’s guest rooms and public areas is planned.
Aimbridge Hospitality, the nation’s largest independent hotel management firm, will manage the property on behalf of Civitas.