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Capstone Development


Capstone focuses on the development and acquisition of institutional-quality lodging assets that are affiliated with top-tier national lodging brands. We selectively pursue ground-up development opportunities in markets with high barriers to entry and strong economic fundamentals. Our acquisition strategy focuses on properties where we can create incremental value through renovation, re-branding, repositioning, and intensive asset management.

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Capstone Development


Capstone focuses on the development and acquisition of institutional-quality lodging assets that are affiliated with top-tier national lodging brands. We selectively pursue ground-up development opportunities in markets with high barriers to entry and strong economic fundamentals. Our acquisition strategy focuses on properties where we can create incremental value through renovation, re-branding, repositioning, and intensive asset management.

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 K. Jenkins

President, Capstone Development

Norman Jenkins is President of Capstone Development, a firm he founded in 2009.  Capstone develops and acquires hospitality real estate that is generally affiliated with international lodging brands.  Since its founding, Capstone has raised significant equity capital from a diverse investor group including state pension, family office, private equity, sovereign wealth and high net worth individuals. At present, Capstone owns 30 hotels, located in 11 states and the District of Columbia, and has developed and/or acquired assets valued in excess of $1.5B.

Prior to launching Capstone, Mr. Jenkins was a senior executive and corporate officer of Marriott International Inc. (NASDAQ: MAR).  During his 16 year tenure with Marriott, he served in a variety of leadership roles including, Senior Vice President - North American Lodging Development, Vice President and

Chief Financial Officer - Ramada International, Vice President - Owner & Franchise Services and Acquisition Executive. Prior to joining Marriott, Mr. Jenkins spent 5 years with McDonald’s Corporation where he held positions in finance and operations.

Mr. Jenkins serves on the board of directors of Duke Realty (NYSE:DRE) and the Suburban Hospital Board of Trustees.  In addition, Mr. Jenkins is a member of the Washington, DC Developer Roundtable and is a former member of the Howard University Board of Trustees.

Mr. Jenkins earned a BA in Accounting from Howard University, an MBA from George Washington University and is a certified public accountant.

 

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


Portfolio


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current portfolio

Columbia Place  Washington, DC

Columbia Place
Washington, DC

Westin Washington Westin Hotel  National Harbor, MD

Westin Washington Westin Hotel
National Harbor, MD

Marriott Marquis  Washington, DC

Marriott Marquis
Washington, DC

SpringHill Suites Bakery Square  Pittsburgh, PA

SpringHill Suites Bakery Square
Pittsburgh, PA

Hilton Garden Inn Atlanta  Alpharetta, GA

Hilton Garden Inn Atlanta
Alpharetta, GA

Hampton Inn University Place  Charlotte, NC

Hampton Inn University Place
Charlotte, NC

Courtyard St. Charles  Chicago, IL

Courtyard St. Charles
Chicago, IL

Hampton Inn & Suites Vanderbilt  Nashville, TN

Hampton Inn & Suites Vanderbilt
Nashville, TN

Hampton Inn Atlanta  Atlanta, GA

Hampton Inn Atlanta
Atlanta, GA

Hilton Garden Inn San Antonio Airport  San Antonio, TX

Hilton Garden Inn San Antonio Airport
San Antonio, TX

Homewood Suites Metro Center  Phoenix, AZ

Homewood Suites Metro Center
Phoenix, AZ

Fairfield Inn & Suites Orlando Universal  Orlando, FL

Fairfield Inn & Suites Orlando Universal
Orlando, FL

Hampton Inn & Suites Stuart  Stuart, FL

Hampton Inn & Suites Stuart
Stuart, FL

Hampton Inn Vanderbilt  Nashville, TN

Hampton Inn Vanderbilt
Nashville, TN

Residence Inn  Birmingham, AL

Residence Inn
Birmingham, AL

Homewood Suites  Raleigh, NC

Homewood Suites
Raleigh, NC

Courtyard Houston Brookhollow  Houston, TX

Courtyard Houston Brookhollow
Houston, TX

DoubleTree Largo  Largo, MD

DoubleTree Largo
Largo, MD

Hampton Inn & Suites Clermont  Clermont, FL

Hampton Inn & Suites Clermont
Clermont, FL

Homewood Suites Clear Lake  Houston, TX

Homewood Suites Clear Lake
Houston, TX

Fairfield Inn & Suites  New York, NY

Fairfield Inn & Suites
New York, NY

Hampton Inn Raleigh/Cary  Cary, NC

Hampton Inn Raleigh/Cary
Cary, NC

Residence Inn Cape Canaveral  Cape Canaveral, FL

Residence Inn Cape Canaveral
Cape Canaveral, FL

Fairfield Inn & Suites Naples  Naples, FL

Fairfield Inn & Suites Naples
Naples, FL

SpringHill Suites Naples  Naples, FL

SpringHill Suites Naples
Naples, FL

Hampton Inn & Suites Estero  Estero, FL

Hampton Inn & Suites Estero
Estero, FL

 

Past Portfolio

Courtyard Marriott Dupont Circle  Washington, DC

Courtyard Marriott Dupont Circle
Washington, DC

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.

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

Contact


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

Washington, D.C.

4445 Willard Avenue
Suite 600
Chevy Chase, Maryland 20815
202-470-3122

 

 

 

 

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