BETHESDA, Md.
The Meridian Group announced today it has closed on the purchase of the Hyatt Regency Bethesda.
Meridian plans to fully reposition the hotel, with a scope to include lobby renovations; improvements to guestrooms and bathrooms; a complete replacement program for the hotel's draperies, carpeting and linens; lobby and common corridor enhancements; and improvements to the hotel's amenity package.
The Meridian Group, a real estate investment and development firm based in Bethesda, MD, agreed to buy the 390-room hotel from LNR Partners LLC, a special servicer. The purchase price was not disclosed.
The full-service upscale hotel is located at 7400 Wisconsin Ave. in the heart of Bethesda, Md. The property sits atop the Bethesda Metro station, just seven miles from the Central Business District in Washington, D.C.
The hotel is under a management agreement with Hyatt Hotels Corp. until December 31 of this year, at which point Meridian will have the option of rebranding the asset. Meridian has retained Highgate Hotels to manage the property after the expiration of the Hyatt management agreement.
The hotel is part of the Bethesda Metro Center complex, which also includes a 17-story Class A office building and a parking garage; the property features 390 guest rooms, 20,000 square feet of meeting space, and two restaurants that are leased to third-party restaurant operators—Morton's of Chicago and The Daily Grill.
Additional amenities include a lounge, a heated indoor pool and whirlpool on the rooftop, an exercise room, a business center and a gift shop.
