Modus Hotels Partners with Alex. Brown Realty to Acquire The Normandy Hotel in Dupont Circle Washington D.C.
WASHINGTON--(BUSINESS WIRE)--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. 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. “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 charming hotel is nestled on a quiet, residential street just off Connecticut Avenue between Dupont and Adams Morgan and is close to Washington D.C.’s vibrant cultural and restaurant scene. The Phillips Collection, America’s first museum of Contemporary Art, the Corcoran Gallery of Art and a number of Embassies are located within walking distance of the hotel, and the entire city is easily accessed by the Dupont Metro. “The hotel’s stylized, 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,” Katz said.
Chic design details and upscale brands such as B&B Italia, George Smith Furniture, Porta Romana and GP &J Baker add a modern, sophisticated touch to The Normandy Hotel. The stylishly designed lobby extends to the guestrooms with duck down duvets, luxurious bedding, complimentary Wi-Fi and in-room Nespresso machines that create the perfect urban escape.
Designed for the independent minded traveler, each hotel in the Modus Collection offers a unique experience for those seeking an alternative to the predictability of an ordinary hotel experience. Modus Hotels provides a complete lifestyle experience with inventive, personal and approachable service with fitness, wellness, entertainment and dining options.
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.
Modus Hotels has successfully owned and operated hotels since 1976 under the name Potomac Hospitality Services. In 2010 the company changed its name to Modus to better reflect its evolution in the lifestyle segment. Modus is a full service hotel development and management company and is an affiliate of Cafritz Interests, a diversified real estate company with properties in the hotel, office, residential and industrial real estate sectors. In addition to acquisition and development, Modus Hotels also provides property management and construction services. For more information, please visit http://modushotels.com.
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. For more information, please visit www.abrealty.com.
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