Frontier Development & Hospitality Group LLC and its joint-venture partner Basis Investment Group (BIG) have acquired the Cambria Washington D.C., Downtown/Convention Center. The 182-key hotel has been rebranded to the Hyatt Washington DC/Convention Center, joining the World of Hyatt portfolio.
The hotel has commenced a comprehensive property-wide renovation, and upon the completion of the renovation—slated for summer 2025—it will convert to the Hyatt House brand, expanding Frontier’s portfolio of premium select-service hotels.
Both Frontier and BIG are black-owned businesses. The acquisition was awarded the NABHOOD Deal of the Year at last month’s International African American Hotel Ownership & Investment Summit & Trade Show.
“We are thrilled to add this Hyatt hotel to our portfolio and look forward to rebranding it Hyatt House Washington DC, Downtown/Convention Center in 2025,” said Evens Charles, founder/managing principal, Frontier Development & Hospitality Group. “This acquisition aligns perfectly with our core value-add strategy of investing in high-quality assets in prime locations with strong growth potential. We are confident that the conversion to the Hyatt House brand will unlock significant value for our investors and guests.”
Based in the Historic Shaw District of the Nation’s Capital, near the Walter E. Washington Convention Center, CityCenter DC, the National Mall and numerous government agencies and corporate headquarters, the hotel features a fitness center, bar and lounge, meeting rooms and a rooftop terrace.
Joseph Yi, CIO/principal, Frontier Development & Hospitality Group, said, “This transaction represents a unique opportunity to acquire the formerly Cambria Convention Center/DC hotel, a well-located asset in our nation’s capital. The Washington, DC, hotel market has shown a robust recovery to pre-COVID levels, and we are bullish on the long-term fundamentals of this dynamic market.”
Tammy K. Jones, cofounder/CEO, BIG, added, “We are grateful for the continued partnership we have built over the years with Frontier, as we are excited to continue investing in and scaling diverse-led firms. This hotel equity investment represents a trusted partnership with Frontier, who has managed to find a gemstone offering outsized returns in a tough credit market.”
Jim Tierney, SVP, select-service development, Hyatt, said, “Hyatt remains committed to expanding the Hyatt House brand footprint in key markets where guests and World of Hyatt members want to be. Washington, DC, is an important market to Hyatt, with leisure and business visitors coming through to experience both short- and long-term stays. We look forward to inviting guests to enjoy everything the hotel has to offer, from the rooftop terrace with views of the city to a place to host their next meeting.”