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.


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 & President

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.