April 22nd, 2013, posted by Brandon
As D.C.’s tourism market continues to increase, a number of hotels are on the way. The city is growing, and to satisfy that growth, hotels and other residences are being introduced at relatively rapid rate.
Additionally, some hotels are changing hands as the prices of real estate continue an upward trend. With that in mind, it’s always interesting to see how much hotels are actually valued to be in D.C..
“Modus Hotels and Alex. Brown Realty have acquired the 75-room Normandy Hotel in Washington, D.C., for $16 million,” The Baltimore Business Journal reports. “The joint venture purchased the property, on Wyoming Avenue between the Dupont and Adams Morgan neighborhoods, for $213,000 per room. Alex. Brown Realty’s investment in the property was made through the Baltimore-based company’s ABR Chesapeake Fund IV.”
You can read the full story on Baltimore Business Journal online.
Log onto Brandon Green online to learn more about real estate prices throughout the D.C. area.