Ketan Patel and Kevin Hanley, both SVP in HREC Investment Advisors’ Washington D.C. office, exclusively represented the seller, Precision Hospitality during the transition.
“The property attracted significant interest given its location in the Mid-Atlantic. We continue to see an influx of buyers from all over the country looking for hotel assets in the region and specifically in D.C., Maryland and Virginia," Patel said in a statement. "The growth as well as stability afforded by the presence of government in many of the markets here is an attractive criteria for many hotel investors.”
Laurel is located in Prince George’s County in south-central Maryland, halfway between Washington, D.C. and Baltimore. Laurel’s economy is broad and diverse, benefiting from its proximity to major government facilities, a variety of colleges and universities, corporations, transportation systems and leisure attractions. The Fort Meade Army Base, located nine miles from the property, employs approximately 52,000 people and is the largest employer in Maryland. Additional government facilities in the area include the James J. Rowley Training Center, the training facility for the Secret Service, the National Security Agency, and the Internal Revenue Service. Colleges and Universities in the area include Capital Technology University, the Laurel College Center, University of Maryland College Park, and the Catholic University of America. Laurel is also home to a variety of leisure attractions including Laurel Park, one of the most popular thoroughbred racetracks in Maryland, Dinosaur Park, the Patuxent Research Refugee, and the National Cryptologic Museum.