For the second time within four months, Hotel Investors of Chevy Chase has become the target of a takeover effort.

Hotel Properties Inc. of Woodland Hills, Calif., told the Securities and Exchange Commission last week that it recently acquired 9.9 percent of Hotel Investors' shares and is seeking control of the Chevy Chase firm.

Hotel Investors and Hotel Properties each operate and manage 20 hotels across the country.

Hotel Investors was the object of a takeover bid in October by a group of Mississippi real estate companies that bought 8.8 percent of Hotel Investors' stock and sought to place their representatives on the board.

The battle was settled with an agreement to elect Mississippi businessmen Leland R. Speed to the board of Hotel Investors Trust and Earle Jones to the board of Hotel Investors Corp.

The two Hotel Investors operations are jointly owned by the same stockholders. The stock of the two companies trade as "paired shares" on the New York Stock Exchange.

Wilson N. Krahnke, senior vice president and treasurer of Hotel Investors Trust, declined to comment on the latest takeover effort.

John F. Rothman, president and chief executive officer of Hotel Properties, said that "a combination of the companies makes a lot of sense."

Rothman tried to persuade Hotel Investors Trust officials to combine their businesses in talks held between May and November last year. On Nov. 12, Hotel Investors Trust informed Hotel Properties that it was not interested in a merger.

Rothman said his goal is to merge the companies and become the head of a combined company under the name Hotel Investors. The unusual corporate structure of Hotel Investors makes it necessary to retain their name and organization, Rothman said.

Rothman, whose company invested about $8 million to buy 396,550 shares of Hotel Investors stock, said he is organizing his efforts to pursue the takeover. "We've made a major investment," he said. "We'd like to see it pay off."

Because Hotel Investors has a 10 percent limit on the amount of stock anyone can own, Rothman would have to obtain support from other shareholders to win control of the board, approval for the merger and a change of management.

Rothman would need support from holders of 25 percent of the shares to call a special shareholders meeting. The regular annual meeting is not scheduled until December.

Rothman said he had not yet talked to the Mississippi group. Two other large stockholders are Morgan Guaranty Trust Co., which owns about 7 percent of Hotel Investors' stock, and U.S. Steel Pension Trust Fund, which holds 8 percent.

Hotel Investors has assets of $98 million and combined 1985 revenue of $38 million. Trust revenue alone was $14.4 million. This compares with Hotel Properties' revenue of $4.9 million in 1984 and $6 million in the first nine months of 1985. Hotel Properties' assets are $56 million.