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 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.