Washington D.C. Hotel Sold for $16 Million

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Modus Hotels and Alex Brown Realty have purchased the 75-room Normandy Hotel located in Washington D.C. for $16 million or $213,000 per room.  

ABR Chesapeake Fund IV also invested in the venture; the investment amount was not disclosed.   The purchase increases Washington D.C.-based Modus Hotel's portfolio to a total of 13 hotels, seven of those in the D.C. area, according to a news release.  

The Normandy recently underwent a $6 million renovation and is part of expansion plans for Modus Hotels.  

"We continue to have a strong appetite for properties in destination marketplaces with high barriers to entry at below replacement costs." Modus Hotels chief executive Aaron Katz said in the release.