Modus Hotels, a Washington, D.C.-based owner and operator of lifestyle hotels, partnered with Alex. Brown Realty (ABR), a real estate manager based in Baltimore, to purchase the Normandy Hotel in Dupont Circle. ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR, invested in the venture. The hotel sold for $16 million, or $213,000 per key.
The Normandy Hotel, located at 2118 Wyoming Ave., N.W., recently renovated its 75 rooms to the tune of $6 million, according to Aaron Katz, president & CEO of Modus Hotels. They feature 100 percent natural down-and-feather beds, marble bathrooms, upscale bath products, Nespresso coffee makers, flat-screen TVs and complimentary high-speed Internet.
The hotel is close to such D.C. attractions as the Phillips Collection and the National Museum of Art, the National Mall, the Library of Congress, the Lincoln Memorial, the Washington Convention Center, the Smithsonian and some of the best bars, restaurants and lounges in town. Katz said the Normandy’s residential feel ”allows guests to feel at home in the midst of the busy city and is the perfect retreat for leisure and business travelers.”
“The Normandy reflects a sophisticated personality and style and is a perfect complement to our expanding collection of distinctive, lifestyle hotels,” Katz said in a statement for the press. “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.”
This is Modus’ third acquisition in 12 months. Its portfolio now includes 13 hotels, seven of them in the metro D.C. area. Its collection of upscale lifestyle properties includes such hotels as The River Inn, Avenue Suites Georgetown, The Quincy, The Windsor Suites and The Brookshire Hotel and Suites, Inner Harbor Baltimore.
Photo credits: www.facebook.com/NormandyHotel