Queensgate Investments Acquires Marriott in Washington, D.C. for $54.1M, Plans Rebrand
WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development.
The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in Miami in September.
The hotel is located near Dupont Circle and offers amenities such as an outdoor pool, rooftop terrace and an onsite restaurant. Crestline will continue to manage the asset through 2019 as the rebranding effort unfolds.
“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 work on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, head of acquisitions of QI.
Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator in the transaction.
— Taylor Williams