WASHINGTON, DC-The 75-room Normandy Hotel in Dupont Circle has been acquired by a partnership of Modus Hotels of Washington, D.C and Alex. Brown Realty of Baltimore.
The Normandy Hotel at 2118 Wyoming Avenue, N.W., joins the Modus Hotels' portfolio in Washington, DC, Baltimore, Chicago and Philadelphia, that include such hotels as The River Inn, Avenue Suites Georgetown, The Quincy, The Windsor Suites and The Brookshire Hotel and Suites, and Inner Harbor Baltimore.
ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR, invested in the venture. The purchase calculated out to $213,000 per key.
"Recently having undergone a $6 million renovation, The Normandy reflects a sophisticated personality and style and is a perfect complement to our expanding collection of distinctive, lifestyle hotels,” says Aaron Katz, president and CEO of Modus Hotels. “We continue to have a strong appetite for properties in destination marketplaces with high barriers to entry at below replacement costs where we feel we can add value through a combination of superior management and, when necessary, material property improvements.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.