Thursday, July 11, 2019

Two downtown Silver Spring hotels sold

Two hotels in downtown Silver Spring have been sold. The 149-room Hampton Inn at 8728-A Colesville Road, and the 90-room Homewood Suites by Hilton at 8728 Colesville Road, were purchased by a shell company controlled by Civitas Capital. Both hotels were owned by the same company, which renovated both this decade, and are located in one co-branded property. Civitas paid $36,100,000 for the hotels, according to Maryland real estate records.

According to a source familiar with the situation, both hotels have suffered a loss of business over the last two years, due to the nearby construction on the United Therapeutics campus. With that project now completed, the deal looked like a winner for Civitas, as business is expected to return to normal levels - and possibly increase, due to its proximity to the biotech campus.