QI acquires Courtyard by Marriott Washington D.C. for $54.1 mln
Queensgate Investments has acquired Courtyard by Marriott Washington D.C as an add-on for its Generator platform. The price of the transaction was $54.1 million. Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator on the deal.
LONDON, October 22, 2018 /PRNewswire/ –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.
ABOUT QUEENSGATE INVESTMENTS
Queensgate Investments is a partnership between the Kow Family, LJ Partnership and Peterson Group. QI advises and manages in excess of USD 2.0B of assets and advises discretionary equity with significant additional buying power from its committed discretionary fund.
Key investments include:
In 2017, QI acquired Generator Hostels from Patron Capital. Generator Hostels owns 15 predominantly freehold assets.
In 2015, QI acquired the 906 room Kensington Forum Hotel, the fifth largest hotel in the UK, from Apollo
In 2013, QI acquired London Executive Offices, a 5* service office business, from Morgan Stanley with over 37 assets and circa 860,000 sq ft in Belgravia, Mayfair, Midtown and the City.
In 2015, QI finished construction on a 488 room 5-star InterContinental Hotel, Europe’s largest hotel connected conference centre, 100 private residences and 40 serviced apartments at the O2 Arena.
Queensgate differentiates itself by its flexible, nimble and non-institutional capital.
Voted by Fast Company as one of the top 50 Most Innovative Global Companies, Generator provides unique, experience and design-led accommodation options located in the most central locations across Europe including Dublin, London, Copenhagen, Hamburg, Berlin, Venice, Barcelona, and Paris. Thus far, 2018 has seen the openings of the first US based property in Miami as well as another welcomed addition to the European portfolio having opened in Madrid.
Source: the PE Hub Network