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Capstone Development


Capstone focuses on the development of high-quality urban lodging assets that can be operated under top-tier national lodging brands. We selectively pursue ground-up development opportunities in markets with strong lodging fundamentals where we can develop for less than we can acquire comparable, existing assets. For existing lodging assets, Capstone Development creates incremental value through renovation, re-branding and repositioning.

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Capstone Development


Capstone focuses on the development of high-quality urban lodging assets that can be operated under top-tier national lodging brands. We selectively pursue ground-up development opportunities in markets with strong lodging fundamentals where we can develop for less than we can acquire comparable, existing assets. For existing lodging assets, Capstone Development creates incremental value through renovation, re-branding and repositioning.

ACQUISITIONS

Capstone acquires full-service and select-service hotels in the top twenty-five metropolitan areas in the United States. We actively target opportunities to acquire core, core-plus and value-add assets below replacement cost, and where revenue and operating margin improvement are achievable through focused, aggressive asset management.

INVESTORS

Capstone's projects are funded by a variety of capital sources including institutional private equity, sovereign wealth, and high-net worth individuals. Additionally, Capstone acquires existing hotel assets through a recently-formed joint-venture with a U.S. pension fund advisor. For information about investing with Capstone, please contact us directly.

 

Management team

Norman Jenkins

Founder & Managing Partner

Norman Jenkins is the founder of Capstone Development. Prior to the launch of Capstone, Mr. Jenkins was Senior Vice President, North American Lodging Development, and a Corporate Officer of Marriott International, Inc. In his role as SVP, Mr. Jenkins led complex development projects including transaction structuring, financing and real estate acquisition. Upon joining Marriott in 1992, Mr. Jenkins was a Senior Manager in Marriott’s Corporate Internal Audit group. His other executive roles include: Tax Director; Acquisition Executive; Finance Director; Vice President & CFO, Ramada International; Vice President, Global Operations, Ramada International; and Vice President, Owner & Franchise Services. Mr. Jenkins is a frequent industry conference speaker and serves on numerous boards.

 Mr. Jenkins was also the architect of Marriott’s industry-leading Diversity Ownership Initiative (“DOI”). The DOI is responsible for doubling the number of diverse-owned Marriott hotels over a three-year period to 500 hotels, resulting in a diverse-owned company becoming Marriott’s second largest franchisee.

Mr. Jenkins began his professional career at McDonald’s Corporation where he held management positions in finance and operations. He serves on a number of boards including the Howard University Board of Trustees, and the Suburban Hospital Board of Trustees. Mr. Jenkins holds a BBA in accounting from Howard University, an MBA from the George Washington University and is a certified public accountant. He resides in suburban Washington, DC with his wife and two children.

 

Darren Linnartz

Managing Partner

Darren Linnartz joined Capstone in 2012 bringing to the firm over 20 years of experience in hospitality and real estate development. Prior to joining Capstone, Mr. Linnartz was Principal of Green River Partners, a real estate development firm he founded in 2008 to make opportunistic real estate investments in the hospitality space. Prior to that, he was the founding president of Revolution Development, a real estate company formed with AOL co-founder Steve Case to own and develop a $1 billion destination resort in northwest Costa Rica. Mr. Linnartz was responsible for overseeing all development activities including land acquisition, entitlement, design, financing, and deal structuring, including managing all relationships with investors, lenders, government officials and business partners.

Prior to joining Revolution, Mr. Linnartz served 15 years with Marriott International, Inc., most recently as Vice President of Real Estate Development, where he was responsible for the delivery of over US$1 billion of complex hotel and residential projects, from feasibility through completion. Prior to that, Mr. Linnartz held positions in the Development Planning, Sales and Marketing, and Operations areas of Marriott. Mr. Linnartz received a Bachelor of Business Administration degree from Louisiana State University (1989). He is currently an active member of the Urban Land Institute and resides with his wife and their two children in Chevy Chase, Maryland.

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Portfolio


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Portfolio


current portfolio

Marriott Marquis Washington, DC

Marriott Marquis
Washington, DC

Hampton Inn Vanderbilt Nashville, TN

Hampton Inn Vanderbilt
Nashville, TN

Courtyard Marriott Dupont Circle Washington, DC

Courtyard Marriott Dupont Circle
Washington, DC

Hampton Inn & Suites Vanderbilt Nashville, TN

Hampton Inn & Suites Vanderbilt
Nashville, TN

Residence Inn Birmingham, AL

Residence Inn
Birmingham, AL

Residence Inn Cape Canaveral Cape Canaveral, FL

Residence Inn Cape Canaveral
Cape Canaveral, FL

SpringHill Suites Bakery Square Pittsburgh, PA

SpringHill Suites Bakery Square
Pittsburgh, PA

Fairfield Inn & Suites New York, NY

Fairfield Inn & Suites
New York, NY

under development

Columbia Place Washington, DC

Columbia Place
Washington, DC

 

Past Portfolio

Fairfield Inn & Suites Atlanta, GA

Fairfield Inn & Suites
Atlanta, GA

Courtyard Atlanta Downtown Atlanta, GA

Courtyard Atlanta Downtown
Atlanta, GA

 
 
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News


Read about Capstone Development's activities in the press through articles and press releases.

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News


Read about Capstone Development's activities in the press through articles and press releases.

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Contact


For more information, please contact us using the form provided below

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Contact


For more information, please contact us using the form provided below

Washington, D.C.

4445 Willard Avenue
Suite 800
Chevy Chase, Maryland 20815
202-470-3122

 

 

 

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