204-room, new-build hotel in Washington, D.C. will be the fourth location to carry The James brand
Denihan Hospitality (“Denihan”), Trammell Crow Company and KochSmith Capital (“KochSmith”) today announced a strategic partnership that will bring The James Hotel to Washington, D.C., the fourth location to carry this flagship brand. The James Washington D.C. is being designed and built from the ground up to serve as the hotel component of Armature Works, a premier mixed-use development that will commence construction in the vibrant NoMa neighborhood later this year.
Per terms of the partnership, Trammell Crow Company and KochSmith will develop The James Washington D.C. and Denihan will manage the hotel under a long-term contract. The luxury boutique hotel, which reflects Denihan’s contribution towards creating a unique and highly attractive neighborhood destination, will feature 204 rooms, 10,000 square feet of meeting space, a signature restaurant on the ground floor and a rooftop bar. The James Washington D.C. is scheduled to open during the winter of 2020 along with the rest of the 780,000-square-foot Armature Works development, which includes a 465-unit apartment building, a 170-unit condominium building, outdoor public spaces and 42,000 square feet of street-level retail.
“Entering the D.C. market represents an important milestone for our company and The James brand,” said Vera Manoukian, President and Chief Operating Officer of Denihan Hospitality. “Our strategic partnership with Trammell Crow Company and KochSmith Capital, two highly respected and well-capitalized sponsors, is a perfect example of how we intend to leverage the power of our unique brands and operating platform to drive sustained growth. We look forward to ensuring The James Washington D.C. is the market’s preferred luxury boutique hotel.”
”We are thrilled to be partnering with Denihan to bring The James brand to Washington, D. C.,” said Campbell Smith, Managing Director at Trammell Crow Company. “Denihan is a wonderful company with a proven track-record of owning and operating successful boutique hotels with unique food and beverage offerings. The James – a lifestyle boutique hotel with respect for local culture – fits in perfectly with the community we are creating at Armature Works.”
“We are proud that the Armature Works’ hotel component is going to be The James Washington D.C.; not only because it is an authentic, luxuriously-modern brand, but also because its people are authentic. From the first person you see at the front desk, all the way up to the senior management team, each employee exudes hospitality and warmth,” said Douglas Koch, Partner at KochSmith Capital. “It’s all about the people. We care about the people we partner with, but we also care greatly about the people who are impacted by the partnership. We are confident that The James Washington D.C. guests will feel relaxed, and yet recharged, as they immerse into the NoMa culture. And we are also confident that the local community will enjoy the unparalleled service, atmosphere and food at the hotel restaurant and rooftop bar.”
The James Washington D.C. is poised to benefit from its close proximity to the NoMa-Galludet U. Metro stop, at the nexus of two of the most popular retail and entertainment districts in the city, the H Street corridor and Union Market. The hotel has been thoughtfully designed to attract business and leisure travelers in pursuit of local immersion, inspiration and urban adventure. Denihan’s unparalleled lifestyle-focused management approach will ensure exceptional service to guests and outstanding performance results for Trammell Crow Company and KochSmith.
Once completed, the 2.43-acre Armature Works development will serve as the hub of residential and retail life in the NoMa, Union Market, and H Street neighborhoods. The components of the project will be woven together by a series of urban open spaces and pocket parks, including a large public plaza that will connect to a future entrance to the NoMa-Galludet University Metro stop.
About Denihan Hospitality
Denihan is a privately-held, full service hotel management and development company. The Company owns and/or operates boutique hotels in major urban markets throughout the U.S. For over 50 years, Denihan has been creating value by acquiring, repositioning and managing independent assets. The Denihan portfolio includes properties operating under The James and Affinia Hotel Collection brands, as well as Manhattan independent boutique hotels, The Benjamin, and The Surrey, voted #1 hotel in New York City in Travel + Leisure's 'World's Best Awards' in 2016 and 2017. The portfolio also includes an impressive list of chef-driven restaurants and bars. Denihan’s uniquely guest-centric approach, refined through three generations of Denihan leadership, has made it an industry leader in hospitality, property and restaurant development, as well as hotel operations, management and marketing. More details can be found at www.denihan.com.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of September 30, 2017, TCC had $5.9 billion of projects in process and $5.4 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm. For more information visit www.TrammellCrow.com.
About KochSmith Capital
KochSmith Capital (KSC) is a real estate private equity firm with offices located in Washington D.C. and San Francisco. KSC proactively targets specific asset classes and geographic regions given current market conditions, with particular focus on value creation opportunities, distressed/restructuring opportunities and complex situations. KSC focuses on investing in properties that offer intrinsic long-term value. This involves acquiring assets at discounted values relative to replacement cost, stabilized cash flow and comparable market sales, as well as avoiding opportunities where key value drivers are not real estate based. KSC underwrites investments on an unleveraged basis and then customizes capital structures to optimize risk adjusted returns.