Irish Hotel Investor Makes Dupont Exit
Bisnow has learned that Irish investor Crownway Investments has sold the Courtyard Marriott in Dupont Circle for $43M and has a nearby hotel asset for sale. (It must've got fed up after it saw all of our ridiculous St. Paddy's Day outfits.)
According to public record, a JV between Quadrangle Development and Capstone Development-- also developers of the under-construction Marriott Marquis convention center hotel--purchased the 147-room Courtyard (which we snapped yesterday) on Monday. The $43M price tag equates to $291k/key. (We'll have to get back to you on how much that is per towel.)
Market sources tell us Dublin-based Crownway, which last month sold Boston's Back Bay Hotel to Loews Hotels, is also marketing The Normandy (also snapped yesterday), just three blocks north of the Courtyard. (It must really hate the weather around here.) We're also told Crownway may be exiting the assets to take advantage of attractive prices and deploy the capital back in Europe.
