Red Lion Hotels buys The Quincy in Washington DC

US: Red Lion Hotels Corp. has bought The Quincy, a 99-room boutique hotel in Dupont Circle.

US: Red Lion Hotels Corp. has bought The Quincy, a 99-room boutique hotel in Dupont Circle.

It bought the property from Modus Hotels for an undisclosed sum. Modus bought the property in 2006 for $14.5 million, and the hotel’s most recent assessed value was more than $24.5 million.

The Quincy, located at 1823 L St. NW, will be rebranded, becoming a Hotel RL, Red Lion’s new boutique hotel brand.

Modus Hotels is an owner and operator with eight properties in Greater Washington, as well as single properties in Chicago, Philadelphia and Baltimore. It tends to hold its real estate assets, but the structure of its ownership for The Quincy made that impossible, according to CEO Aaron Katz.

Modus’ capital partner on The Quincy was RiverOak Investment Corp., a fund that is expiring.

“Their fund has a defined life to it, and they’ve been holding on because the hotel has been performing really well. This is their last asset in the fund,” said Katz.

“The market’s been really robust, and we sold into that. We got what we think was a very good price given the continued interest of multiple parties in the asset,” he added.

www.modushotels.com
www.redlion.com

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