Monday, April 22, 2013

Modus Hotels Partners with Alex. Brown Realty to Acquire The Normandy Hotel in Dupont Circle, Washington, D.C.



                          Normandy Hotel, 2118 Wyoming Ave. NW, Washington, DC


Washington, D.C.  (April 22, 2013) -  Modus Hotels, the Washington, D.C.-based owner and operator of lifestyle hotels and Alex. Brown Realty (ABR), a Baltimore, Maryland-based real estate manager, have acquired the 75-room Normandy Hotel for $16 million, or a cost of $213,000 per key. 

Aaron Katz
ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR, invested in the venture.

Located in the Kalorama and Dupont neighborhoods of Washington, D.C., the acquisition brings Modus’ growing portfolio to thirteen hotels, with seven in the metro D.C. area.

  “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,” commented Aaron Katz, president and CEO of Modus Hotels.


Avenue Suites Georgetown, Washington, DC

 “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.”



                                   Brookshire Hotel and Suites, Baltimore, MC


 Located at 2118 Wyoming Avenue, N.W., The Normandy Hotel joins the Modus Hotels’ collection of upscale lifestyle properties operating in D.C., Baltimore, Chicago and Philadelphia, which include such hotels as The River Inn, Avenue Suites Georgetown, The Quincy, The Windsor Suites and The Brookshire Hotel and Suites, Inner Harbor Baltimore.

 For a complete copy of the company’s news release, please contact:

Chris Daly
President
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553


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