Capstone Sells Dupont Circle Hotel For $52M

Chevy Chase-based Capstone Development has sold a Dupont Circle hotel as it prepares to open a new 530-room hotel project in Shaw.

The developer sold the Courtyard by Marriott Washington, D.C. Dupont Circle at 1900 Connecticut Ave. NW to a Delaware-based entity, Generator DC Propco LLC, for $52.4M, information posted Wednesday with the D.C. Recorder of Deeds shows.

Capstone acquired the 147-room hotel in 2013 for $42.8M, property records show. It then launched an extensive renovation in 2014, upgrading the lobby, rooms, parking deck and building facade.

"We did a pretty expansive exterior renovation where, if you drove by there four years ago, it looks like a different building," Capstone founder and President Norman Jenkins tells Bisnow.

The hotel's amenities include a fitness center, a pool, meeting space and The Bistro, a café serving breakfast in the mornings and cocktails in the evening. The building sits a half-mile north of Dupont Circle, directly across the street from the Washington Hilton.

Capstone owns over 25 hotels across the country. It is currently partnering with Quadrangle Development on Columbia Place, a dual-flag hotel project at Ninth and L streets NW in Shaw. The project will deliver later this year with a 310-room Courtyard by Marriott and a 230-room Residence Inn by Marriott. Jenkins said that opening factored into the timing of its decision to sell the Dupont Circle property.

"We underwrite everything to own for five years, sometimes we hold longer than that and sometimes we hold less," Jenkins said. "We're opening two new hotels in D.C. in a couple of weeks, so it's just a way to balance out our risk profile in D.C."

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

Industrious Takes Top Floors In Downtown Lease: The D.C. Deal Sheet

Stephen Ross, Jeffrey Soffer Scrap Plans For Miami Airport Hotel Project

Braemar Inches Closer To Ashford Breakup With $372M Hotel Sale

Workers At 6 Chicago Hotels Go On Strike Ahead Of Chicago Marathon

NYC Is Building Hotels Again. It May Not Be Enough

Distress Divide: How Private vs. Institutional Investors Are Thinking About D.C. Office

Lawmakers Punt On Stripping Approvals From 15 Projects In Data Center Alley

Affinius Relinquishes Big Office Building Next To Capital One Arena

One Thomas Circle, The Elevated Workplace For The Way D.C. Works

High Costs Pose Barriers For Ground-Up Hotel Development In Charlotte

DCHA Taps Executive Director: The D.C. Deal Sheet

The Multifamily Boom Is Putting HVAC Decisions Back In The Spotlight