The Modus Hotel lifestyle owner-operator has partnered with real estate manager Alex Brown Realty to acquire the 75-room Normandy Hotel for $16 million.
The Modus Hotels group is a lifestyle hotel owner and operator based in Washington DC. The hotel group has partnered with Baltimore-based real estate manager Alex Brown Realty to acquire the Normandy Hotel, located in Washington, for $16 million. The acquisition brings the Modus portfolio to thirteen hotels, with seven in the DC area."Recently having undergone a $6 million renovation, The Normandy reflects a sophisticated personality and style and is a perfect complement to our expanding collection of distinctive, lifestyle hotels," says Modus president and CEO Aaron Katz.The Modus Hotels expansion strategy consists of acquiring properties in destination marketplaces, with high barriers to entry at below replacement costs so they can add value through management or renovations.
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