The former Hotel Silver Spring will be converted into affordable multifamily housing in downtown Silver Spring, with Boston-based Arctaris Impact Investors investing $27 million in the project.
The former hotel at 8727 Colesville Road closed at the end of May, having operated as Hotel Silver Spring since 2023 and previously under the DoubleTree by Hilton brand. A liquidation sale is currently ongoing.
The investment was made in partnership and partially funded by Erie Insurance as part of a $20.5 million social impact commitment to support companies and development projects in underserved communities within the company’s footprint, in addition to other projects in Lima, Ohio, Pittsburgh, and Washington, D.C…