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British Investor Completes Second U.S. Deal, Adds D.C. Hotel to Portfolio
London-based Queensgate Investments completed its second acquisition in the United States, acquiring the Courtyard by Marriott Washington, D.C. for $54.1 million as a bolt-on to its Generator platform. The 148-key freehold asset was acquired from affiliates of Quadrangle Development Corporation and Capstone Development.
The property is located in Dupont Circle, and offers such amenities as an outdoor pool and roof terrace. The asset will continue to be run under a Marriott franchise with incumbent manager Crestline during 2018 and 2019, prior to conversion to the Generator lifestyle hospitality brand.
Queensgate’s Jonathan Millet says, “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 stand-alone real estate platforms of significant scale.”
Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator.
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