Marcus & Millichap Inc.
09/05/2025 | Press release | Archived content
Marcus & Millichap Brokers the Sale of SpringHill Suites Gaithersburg, a 162-Room Hospitality Property
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Marcus & Millichap Brokers the Sale of SpringHill Suites Gaithersburg, a 162-Room Hospitality Property
September 05, 2025
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GAITHERSBURG, M.D., September 5, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of SpringHill Suites Gaithersburg, a 162-room hospitality property located along route I-270, known as Maryland's Technology Corridor, in Gaithersburg, Maryland. The asset sold for $11,251,000.
Karianne Cibello and Gordon Allred, investment specialists in Marcus & Millichap's Baltimore and Inland Empire offices respectively, had the exclusive listing to market the property on behalf of the seller, a local development company. The out-of-state buyer, a prominent Marriott developer and management firm, was procured by Cibello and Allred. Brian Hosey, the Maryland broker of record, assisted in closing this transaction. The asset, accurately priced to drive activity, received more than a dozen offers within the first two weeks on the market, igniting a competitive bidding environment and ultimately selling for over $700,000 above list price. Both seller and buyer expressed strong satisfaction with the outcome.
Built in 2000, the SpringHill Suites Gaithersburg is ideally situated on 2.9 acres in the heart of Gaithersburg's thriving I-270 tech corridor, and entertainment district known as Rio, which has experienced significant commercial and retail development in recent years. The hotel offers convenient access to Washington, D.C., just a short drive away, providing guests with easy connections to the nation's capital and its wealth of historic landmarks, government institutions, and cultural attractions.
With a twenty-year franchise agreement, the Buyer intends to update the hotel with a multi-million-dollar renovation over the next few years including reopening the indoor pool, a premier amenity for group business in the market. They are excited to enter the Washington, D.C. MSA with their first Maryland hotel in Gaithersburg and to contribute to its upscale reputation and growth.
Karianne Cibello and Gordon Allred, investment specialists in Marcus & Millichap's Baltimore and Inland Empire offices respectively, had the exclusive listing to market the property on behalf of the seller, a local development company. The out-of-state buyer, a prominent Marriott developer and management firm, was procured by Cibello and Allred. Brian Hosey, the Maryland broker of record, assisted in closing this transaction. The asset, accurately priced to drive activity, received more than a dozen offers within the first two weeks on the market, igniting a competitive bidding environment and ultimately selling for over $700,000 above list price. Both seller and buyer expressed strong satisfaction with the outcome.
Built in 2000, the SpringHill Suites Gaithersburg is ideally situated on 2.9 acres in the heart of Gaithersburg's thriving I-270 tech corridor, and entertainment district known as Rio, which has experienced significant commercial and retail development in recent years. The hotel offers convenient access to Washington, D.C., just a short drive away, providing guests with easy connections to the nation's capital and its wealth of historic landmarks, government institutions, and cultural attractions.
With a twenty-year franchise agreement, the Buyer intends to update the hotel with a multi-million-dollar renovation over the next few years including reopening the indoor pool, a premier amenity for group business in the market. They are excited to enter the Washington, D.C. MSA with their first Maryland hotel in Gaithersburg and to contribute to its upscale reputation and growth.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on September 05, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 12, 2025 at 18:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]