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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