Argosy Real Estate Partners Acquires Courtyard Chevy Chase
We are pleased to announce that Argosy Real Estate Partners has acquired the Courtyard Chevy Chase, a 226-room select-service Courtyard by Marriott hotel located along Wisconsin Avenue in the Friendship Heights submarket of Chevy Chase, MD, just across the border from Washington, DC. Chevy Chase is a high barrier-to-entry infill submarket that is an affluent community and is home to several of the region’s largest corporate offices including Ritz-Carlton, GEICO, and Microsoft.
The Hotel was originally constructed in 1970 and underwent a major $33.0 million renovation in 2009, which included LEED-Gold certification and all new mechanical systems and windows. The hotel is situated on an approximately 1.8-acre parcel that includes a two-story, partially-underground parking garage and 50,872 sf of ground floor retail. At closing, the parcel was subdivided through a condo regime to separate the hotel and retail parcels. The separately-owned portion of the site which includes the retail will be demolished to construct a trophy Class A apartment tower.
The investment was made alongside a joint venture of The Carr Companies and The Donohoe Companies both experienced Washington, DC-based owner-operators with extensive expertise in commercial and hotel development, management and investment.