TMGOC Ventures Acquires the Bethesda North Marriott Hotel

BOCA RATON, Fla. – TMGOC Ventures (TMGOC), a real estate and development private equity firm headquartered in Boca Raton, Fla., today announced the closing of its acquisition of the Bethesda North Marriott Hotel in partnership with an institutional investor.

The 455-key property is located approximately five miles from downtown Washington, D.C., adjacent to the Montgomery County Conference Center. Positioned within one of the nation’s leading biopharma corridors, the hotel benefits from durable demand across life sciences, government contracting, and diversified group and leisure segments. The property sits proximate to Pike & Rose, the University of Maryland Institute for Health Computing, and the future North Bethesda Transit-Oriented Development.

“With its strong in-place cash flow and prime location in a high-growth submarket of Washington, D.C., the Bethesda North Marriott represents a compelling opportunity to acquire a high-quality asset at an attractive basis,” said Glenn Alba, Co-Founder and Managing Partner of TMGOC Ventures. “We look forward to unlocking additional value through active asset management while continuing to deliver strong returns for our investors.”

“This acquisition reflects our continued conviction in the long-term fundamentals of the lodging sector and our strategy of deploying capital into high-quality assets at the right basis,” said Sunju Patel, Co-Founder and Managing Partner of TMGOC Ventures. “We believe the market is at an inflection point for full-service hotels and group business, and this asset is exceptionally positioned to capture that upside as that momentum continues to build.”

The property has benefited from nearly $16 million in capital improvements since 2017, including comprehensive guestroom renovations completed in 2018. With this closing, TMGOC’s portfolio grows to over 3,767 hotel keys and more than $1.5 billion in total existing and development pipeline investments. The hotel will continue to operate under the Marriott International flag and be managed by Marriott International.