Capstone Development LLC is a privately held real estate development company based in Washington, D.C., in the United States. It was formed in 2009. As of January 2013, it owned six hotels along the East Coast and in the Deep South. The company has two subsidiaries. Capstone Management Services provides hotel management services, and Capstone Procurement provides food service and janitorial supplies for hotels.
Corporate history
Capstone Development was founded by Norman Jenkins in February 2009. Jenkins, a highly regarded senior vice president at Marriott International and African American, helped Marriott launch a Diversity Ownership Initiative in 2005 which worked to improve hotel franchise ownership among minorities. A year later, Jenkins oversaw a cooperative venture between Marriott and RLJ Hotels (the hotel investment operation of cable TV magnate Robert L. Johnson). The joint venture purchased 90 hotels, and left RLJ Hotels as one of Marriott's largest co-investors. Jenkins also convinced Marriott to build a Residence Inn in downtown Silver Spring, Maryland. The hotel helped revitalize Silver Spring's downtown business district.[1]
Jenkins announced his departure from Marriott in late November 2008.