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THE OPPORTUNITY
Berkadia Hotels & Hospitality has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the soon-to-bedelivered (Summer 2023), 97-room Maison Kesh Hotel (the ‘Hotel’ or ‘Asset’).
A luxury, independent/boutique lodging asset strategically positioned in the Historic Bloomingdale District of Northwest Washington, DC, the Hotel will be encompassed by a vibrant mix of Victorian-style architecture, colorful row houses, a rising cohort of middle-high class residents, and a growing, yet eclectic mix of small business, local restaurants, coffee shops, and boutiques, resulting in status as one of the Nation’s Capital’s most coveted neighborhoods according to the Washington Post and the location of the opening title sequence for Netflix’s highly viewed and award-winning political Thriller – House of Cards.
Within a 1.5 mi. Radius
5 Hospitals | 1,885 Hospital Beds
4 Universities | +18,000 Students
+$13.7 Billion of Projects In-Planning / Under Construction
47,970 Multi-Family Units | 5,266 Under Construction
Bloomingdale District Stats
Average Household Income ($153,731) is Approximately 95% Higher than the National Average
Designated as an Historic District in 2018 and is Listed on the DC Inventory of Historic Sites and in the National Register of Historic Places
Bloomingdale Median Home Price ($1,067,010) is 78.5% Higher than the DC Average and and 94.2% Higher than the National Average
72% of Bloomingdale
Residents have an Associate, Bachelor, and/or Graduate Degree (12% Higher than the DC Average)
Once delivered, the Hotel will be ideally situated just steps away from the confluence of Florida Avenue NW and North Capitol Street, less than a quarter-mile from one of NW Washington, DC’s primary eastern entry points which serves nearly 50,000 vehicles per day – New York Avenue. Moreover, with numerous Metrobus routes throughout the neighborhood, proximity to Union Station (+100,000 daily users | $10 billion potential expansion), and a location bounded between the Shaw-Howard University Metro station on the Green and Yellow lines, in addition to the Rhode Island Avenue-Brentwood station on the Red Line, the Asset’s multi-modal location will easily connect guests to NoMa, Union Market, Mt. Vernon, the 2.3 million SF Walter E. Convention Center, and all of downtown Washington, DC which attracted approximately 20 million visitors in 2022 (24.6 million in 2019). Moreover, while 2022 visitation represents a +6% YoY increase, Washington DC is highly anticipated to attract even more visitors in 2023, as business/corporate travel continues to rebound in tandem with a continued leisure boom and international ‘revenge travel,’ specifically stemming from China.
U.S. Hotels Ready for Revenge Travel - Hotel Management
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At the Asset level, offered unencumbered of brand and management, a new owner will be able to implement an operator of their choosing along with a customized business plan which leverages the Hotel’s brand-new, boutique product offering in conjunction with a highly curated, heavily positioned F&B experience in a rapidly growing residential enclave to drive outsized top-line gains and an impressive market penetration upon stabilization. Furthermore, a new owner will benefit from broad optionality to affiliate with one of Marriott, Hilton, Hyatt, or IHG's premier ‘soft brands’ and their respective distribution systems at a minimal incremental cost to further enhance the Asset’s anticipated market capture. When paired with the brands’ desire to increase their footprint in a nationally recognized top 25 US lodging market, there remains the possibility that a major brand may provide substantial ‘key money’ to prospective buyers, resulting in more attractive returns for a new owner.
1634 North Capitol Street NW | Washington, D.C.
MANAGEMENT
Modus Hotels (Unencumbered)
REAL PROPERTY ID
3101-0118
EVENT SPACE
1,120 SF
FOOD & BEVERAGE
On-Site Restaurant & Lounge (Ground Floor w/ Patio), Rooftop Bar, Sundry/Convenience Store
AMENITIES
Modern Fitness Center, Outdoor Courtyard
Complimentary High-Speed Wi-Fi, Digital Key
PARKING
5 STORIES
Summer
2023
ANTICIPATED OPEN DATE
97
BUILDING AREA 37,330 SF LAND AREA .27 Acres (11,700 SF)
3 Spaces On-Site; Valet TENURE Fee Simple LABOR
GUESTROOMS