Queensgate Acquires DC Hotel for $54M
- Oct 24, 2018
Queensgate Investments (QI) has acquired the Courtyard by Marriott Washington, D.C., for $54.1 million, marking the company’s second transaction in the U.S. The hotel will be rebranded in 2019 as part of QI’s Generator chain of hotels.
Located in Dupont Circle, the 148-key hotel was acquired from affiliates of Quadrangle Development Corp. and Capstone Development. The asset will continue to be operated under a Marriott franchise, with manager Crestline through 2019, before its conversion to a Generator-branded hotel.
Amenities at the hotel include an outdoor pool and roof terrace. QI has 14 Generator hotels across Europe and opened its first U.S. location in South Beach, Miami in September.
“The acquisition of the Washington, D.C. asset marks the next step in Queensgate’s U.S. ambitions as we look to acquire both additional hotel assets to expand Generator as well as working on the acquisition of new standalone real estate platforms of significant scale,” said Jonathan Millet, head of acquisitions at QI, in a prepared statement.
Brown Rudnick LLP, Ernest & Young and Rockwell Acumen advised QI and Generator in the deal.
Image courtesy of Queensgate Investments