WASHINGTON, DC—Monument Realty, Modus Hotels and the Cafritz Co. are partnering to a build a $60 million 230-key micro-hotel in Chinatown. The hotel will be located at Monument's 627 H St., NW property.
The micro-hotel concept, although new to Washington, DC, has already proven successful in New York City and is expected to do well here. The rooms will include private bathrooms and the hotel will feature a restaurant, bar and a roof top deck. Construction of the project will begin this month with delivery slated for 2016. "We are very excited to be a part of this innovative project and believe it is the perfect product for this location," says Monument principal Michael Darby in a prepared statement.
"Demand for hotel rooms in Chinatown is very high and the micro-hotel concept allows us to provide the same comfort level at a more affordable price."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
