Modus And ABR Acquire Washington Boutique Hotel

Posted by Orb Staff on April 23, 2013 No Comments
Categories : Commercial Mortgage

13701_normandyhotel Modus And ABR Acquire Washington Boutique Hotel Modus Hotels, a Washington, D.C.-based owner and operator of lifestyle hotels, and Alex. Brown Realty (ABR), a Baltimore-based real estate manager, have acquired the 75-room Normandy Hotel in Washington for $16 million. ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR, invested in the venture.

The acquisition brings Modus' growing portfolio to 13 hotels, with seven in the metro D.C. area. The hotel is located in Washington's Kalorama and Dupont neighborhoods.

‘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.’

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