BPG Adds to Hotel Portfolio with $80M Baltimore Acquisition
The Buccini/Pollin Group has acquired the Renaissance Baltimore Harborplace Hotel, a 622-key hotel in Baltimore’s Inner Harbor, from Sunstone Hotel Investors for $80 million, according to Hodges Ward Elliott, who represented the seller in the deal.
“The completed sale further concentrates our portfolio into long-term relevant real estate and increases our already considerable liquidity,” John Arabia, Sunstone Hotel Investors’ president and CEO, said in a prepared release. “Our company is well positioned to navigate the current environment and to capitalize on opportunities as they arise.”
Located at 202 E Pratt Street, the hotel is centrally located in the heart of Baltimore, nearby the Inner Harbor Marina, the Baltimore Convention Center and the Power Plant Live district of bars, restaurants, and entertainment venues.
The Renaissance Baltimore Harborplace Hotel boasts 21 meeting rooms, with more than 27,000 square feet of conference space, an on-site restaurant and a café.
“We know and love the Renaissance brand. Renaissance invites business and leisure travelers alike to discover the unexpected,” Dave Pollin, BPG’s president and chairman of PM Hotel Group, said in a prepared statement. “Coupled with the hotel’s unparalleled Inner Harbor location, Baltimore Renaissance Harborplace guests will experience the best that Baltimore has to offer. We are very proud to be expanding our commitment to Baltimore, a city on the rise.”
BPG ups its portfolio of Marriott-affiliated hotels to 17, including the recently-renovated Renaissance Philadelphia Downtown and the Washington Marriott Capitol Hill/NOMA, which is currently in development.
Hodges Ward Elliott’s President Mark Elliott, Managing Director Jay Morrow, and Director Jeff Berkman handled things for the seller. The firm’s Managing Director Lawrence Britvan facilitated financing on behalf of the buyer.