WASHINGTON—Modus 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.”
The hotel offers guestrooms with duck-down duvets, complimentary Wi-Fi, and in-room Nespresso machines.
