TMGOC Ventures Acquires a 455-Room Marriott Hotel
Skift Take
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The DJIA rose 56 points, the Nasdaq was down 186, the S&P 500 fell 12 points, and the 10-year treasury yield was up .05 to 4.46%. The stock indexes closed a lot better than they were this morning, which is probably why lodging stocks were lower but really did not have that bad of a day compared to some other leisure groups.
TMGOC Ventures has acquired the Bethesda North Marriott Hotel in partnership with an institutional investor. Other terms and conditions were not disclosed. The 455-key, full-service hotel is located approximately five miles from downtown Washington, D.C., adjacent to the Montgomery County Conference Center. The Bethesda North Marriott Hotel will continue to operate under the Marriott International flag and be managed by Marriott International. The sale was arranged by Newmark, including both the equity and the acquisition loan.
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