Northview Hotel Group and an Affiliate of Oaktree Capital Management, L.P.
Acquire the Bethesda Marriott
BETHESDA, Md. -- October 14, 2013
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,
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 ofNorth 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/.
for Northview Hotel Group
Anna Whitlow, 310-586-7154
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