SILVER SPRING, Md., May 8, 2019 /PRNewswire/ — 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.
Read more about Hampton by Hilton at www.hampton.com and newsroom.hilton.com/hampton. Read more about Homewood Suites by Hilton at www.homewoodsuites.com and newsroom.hilton.com/homewoodsuites.
About Civitas Capital Group
Civitas Capital Group is a Dallas, Texas-based alternative asset firm that provides a range of products and services for institutional investors, family offices, and qualified individuals. The firm, which has more than $1.4 billion of assets under management in more than 50 investments, focuses on compelling, niche investment strategies in U.S. real estate and lodging. Civitas’ executive team has over 100 years combined investment experience, including more than 80 years of collective hospitality experience. For more information, please visit civitascapital.com.
About Hampton by Hilton
As the number one ranked lodging franchise for the past 10 years, according to Entrepreneur®, Hampton by Hilton, including Hampton Inn by Hilton and Hampton Inn & Suites by Hilton, serves value-conscious and quality-driven travelers at more than 2,450 properties with more than 254,000 rooms in 27 countries and territories. High-quality accommodations and amenities, such as complimentary WiFi, free hot breakfast, and On The Run™ breakfast bags, contribute to Hampton by Hilton ranking as a leader in its segment. Hampton by Hilton Team Members deliver friendly, authentic, caring, and thoughtful service defined as Hamptonality, with guest happiness being the number one priority, backed by the 100% Hampton Guarantee™. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits. For more information about Hampton by Hilton, visit www.hampton.com or newsroom.hilton.com/hampton, and connect on Facebook, Twitter, YouTube, and Instagram.
About Homewood Suites by Hilton
Homewood Suites by Hilton, Hilton’s upscale, all-suite, extended-stay hotel brand with more than 480 locations in the United States, Mexico, and Canada, is an award-winning leader. The first choice for guests seeking comfortable accommodations when traveling for extended or quick overnight stays, Homewood Suites offers inviting, generous suites featuring separate living and sleeping areas, and fully-equipped kitchens with full-size refrigerators. Additional value-driven essentials include complimentary internet, a daily full hot breakfast, and complimentary evening socials every Monday – Thursday. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount that can’t be found anywhere else, free standard WiFi, and digital amenities like digital check-in with room selection and Digital Key (select locations), available exclusively through the industry-leading Hilton Honors mobile app. Homewood Suites is focused on guest satisfaction and stands behind each stay with its 100% Suite Assurance® guarantee. For more information on the extended-stay advantage, visit www.homewoodsuites.com or newsroom.hilton.com/homewoodsuites, and connect with Homewood Suites on Facebook, Twitter, LinkedIn, and Instagram.
About Aimbridge Hospitality
Aimbridge Hospitality is the nation’s largest independent hotel management firm with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides property management, asset management, development, renovation and consulting services. Based in Dallas, Texas, and with offices in Chicago and Puerto Rico, Aimbridge currently owns and/or manages approximately 800 upscale, independent, branded hotels with more than 100,000 rooms across the United States and the Caribbean. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com
SOURCE Civitas Capital Group