LONDON, October 22, 2018 — Queensgate Investments ("QI") has made its second acquisition in the United States, acquiring the Courtyard by Marriott Washington D.C. for USD 54.1M as a bolt-on to its Generator platform.
The well invested 148 key freehold asset, acquired from affiliates of Quadrangle Development Corporation and Capstone Development, is located in busy Dupont Circle and benefits from superior amenities such an outdoor pool and roof terrace. The asset will continue to be run under a Marriott franchise with incumbent manager Crestline during 2018 and 2019, prior to conversion to the Generator brand. Generator is one of the world's fastest growing lifestyle hospitality brands providing unique experience and design-led accommodation in the most central locations, with 15 assets across 14 cities in Europe and the U.S., including London, Dublin, Copenhagen, Venice, Barcelona, Paris, Amsterdam, Stockholm and Rome. In September 2018, Generator opened its first US asset on South Beach, Miami.
Jonathan Millet, Head of Acquisitions of Queensgate said: "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 working on the acquisition of new standalone real estate platforms of significant scale."
Alastair Thomann, CEO of Generator said: "Having just opened Miami last month, the addition of Washington DC adds to Generator's presence on the East Coast as we continue to expand our global offering featuring high design, low price points, and magnetic social environments."
Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator.
