The Rise of Hotel / Condo Bethesda Lifestyle?
Well not in reality…yet. And yes, with so man Bethesda condos in the pipeline, do we need…can we absorb another? — that always always depends on timing and location. A boutique hotel with a few residential condo units would be a perfect match for Downtown Bethesda. Whatever, whenever is the W’s slogan right? Well now we have the “wherever”…
Washington DC isn’t “W Hotel free” — situated at 515 15th Street NW, President Obama could take a few minute stroll to Washington DC’s W. But I’m talking about W Hotel and Residences.
My argument (and I’m right!): Every area has slightly different housing needs — and if there’s one type of property the Bethesda area is begging for, it’s the 2000 sq. ft.+ luxury condo. In this particular case, I picture a Boutique W, with approximately 40 hotels rooms and 30 residences…all 2000-5000+ square foot units (the residences, that is). The upscale Hotel / Residence is the opitome of the “lock and leave” convenience, with resort style living.
The only other comparable Hotel/Residence in the DC Metro area is The Georgetown, DC Residences at Ritz Carlton …and what did we learn from those 28 units?….
When you actually build products that the public is demanding (think baby boomers with money), they sell…regardless of the market. This past March wasn’t a wonderful time for Washinton DC real estate but that didn’t stop one of the Penthouse units at the Georgetown Ritz to sell for over $7M…a record for a DC condo.
I know the prices and condo fees that would come with a Residence/Hotel would stretch most Washingtonian’s pocket book. But if you built it in downtown Bethesda, they would most certainly come…