Dupont Circle Hotel Trades To European Firm For $54M
European company Generator Hostel has acquired the Courtyard by Marriott in what appears to be its second location in the US.
WASHINGTON, DC–The Courtyard by Marriott at Dupont Circle has traded for $54.1 million. The 9-story, 147-room property was sold by Quadrangle Development and Capstone Development to the European company Queensgate Investments, which operates the Generator Hostel brand. This is Generator Hostel’s second location in the US, following its Miami opening earlier this Fall.
The last time this property traded was in 2013 for $43.5 million.
Generator Hostel launched in 1995 in London and then expanded to Berlin. It has steadily moved across Europe, opening its biggest property in Paris in 2015 with 917 beds in 199 rooms. In 2016 it opened three locations in Amsterdam, Rome and Stockholm and then this year opened its first US location in Miami.
The company is now focused on building out its US holdings. “The acquisition of the Washington DC asset marks the next step in Queensgate’s US ambitions as we look to acquire both additional hotel assets to expand Generator as well as working on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, Head of Acquisitions of Queensgate in a prepared statement.
The Dupont Circle hotel will continue to be run under a Marriott franchise with incumbent manager Crestline during 2018 and 2019; then it will be converted to the Generator brand.
Queensgate Investments is a partnership between the Kow Family, LJ Partnership and Peterson Group. IT advises and manages in excess of $2 billion of assets.