Dauntless Capital Partners Acquires Two DC Hotels for $152M – Commercial Observer

Dauntless Capital Partners Acquired two hotels in Washington, D.C Douglas development For $152 million, the Commercial Observer has learned.

Hospitality investment company chose the key 200 Moxy Washington DC Downtown in a 1011 K . Street For $ 86 million, the key is 143 Courtyard by Marriott Washington DC in a 1733 North Saint-Nove for $66 million.

“While developing Moxy from the ground up and renovating the yard, we were able to get out of a sale and really get to know its full potential,” Norman Jamal, the managing director of Douglas Development, told the Commercial Observer. “Both properties are located under the well-established Marriott brand and are in close proximity to each other, which creates really great value. Because we know that it is beneficial for both properties to have one owner, selling these properties to Dauntless has given us the opportunity to monetize their value in an efficient manner. “.

Moxy was developed by Douglas Development in 2016 and opened in November 2018. Douglas Development acquired The Courtyard by Marriott, then the 99-room Kimpton Hotel, in November 2019 and completely redeveloped the property.

Dauntless is Private Equity Affiliate Twin Bridges Hospitality, and owns hotels like the 110 rooms AC Hotel by Marriott Willia Maui.

“For Dauntless, the hotels did not require any maintenance or renovation,” Jamal said. “It’s a very high-quality asset in a market with high barriers to entry.”

With increased vaccination rates and an increase in travelers recently, the hotel market in Washington, D.C., has recovered, as it has in many cities across the country, according to Jamal.

“We really think 2022 and beyond will be a great year for the hotel market,” he said.

Newmark‘s Miles Spencer, Vice President and Co-Chairman of Accommodation, along with Greg Morgan, One director represented the seller in the deal, while Dauntless Capital represented internally. Comment requests from buyer and brokers are not immediately returned.

Keith Loria can be reached at Kloria@commercialobserver.com.

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