The Buccini / Pollin Group acquired the 622-key Renaissance Baltimore Harborplace Hotel from Sunstone Hotel Investors Inc. for $ 80 million, or approximately $ 129,000 per key. The purchase of full service waterfront hotel expands the company’s portfolio of Marriott-affiliated hotels and lifestyle.
Located at 202 E. Pratt St. in Baltimore’s Inner Harbor, the hotel last sold for $ 157 million in 2005, according to the Baltimore Business Journal. The Wall Street Journal reported that the buyer had planned to buy the hotel for $ 100 million before the COVID-19 crisis and that Sunstone agreed to lower the price. The hotel was one of six out of 20 owned by Sunstone that remained open and operated throughout April, according to the REIT’s first quarter 2020 earnings report released on May 8. With the sale of the Baltimore asset, Sunstone now has stakes in 19 hotels comprising 9,988 rooms. Other hospitality properties include Boston Park Plaza, Hilton Times Square in New York City, and Renaissance Los Angeles Airport.
Sunstone President and CEO John Arabia said in a prepared statement that the sale supports the stated strategy of the Irvine, Calif., Based company of focusing on what it calls its real estate relevant to long term. The divestiture also increased the REIT’s liquidity and placed it in a good position to navigate the current environment and take advantage of opportunities as they arise, Arabia said.
Sunstone completed a multi-million dollar hotel renovation in five months last August. The project included complete renovations to the rooms and suites, including wall coverings, carpeting, bedding and furnishings, and upgraded bathrooms. The hotel’s Club Lounge has been modernized and extended by 700 square feet. The property’s nearly 30,000 square feet of meeting and event and public spaces were renovated in 2016.
Buccini / Pollin also noted that the hotel has three food and drink outlets and a waterfront restaurant called Watertable. Additional amenities include a fitness center and a full-service business center. The hotel is within walking distance of major Baltimore attractions including the M&T Bank Stadium, Camden Yards, the National Aquarium and the Baltimore Convention Center.
Dave Pollin, chairman of the Buccini / Pollin group, said in prepared remarks that the company knows and loves the Renaissance brand. He called Baltimore “A booming city” and said the company is proud to extend its engagement there. Buccini / Pollin opened its first hotel in the area in 1997. Today its portfolio includes 17 Marriott affiliated hotels, including the recently renovated and renamed Renaissance Philadelphia Downtown in Old Town. The company acquired it in March 2018 when it was known as the Sheraton Philadelphia Society Hill Hotel. The privately-held property acquisition, development and management company is headquartered in Chevy Chase, Md., And Wilmington, Del., With more than $ 5 billion in real estate assets, including more than 40 hotels, 7 million feet office and retail squares. space, 15 large residential communities and multiple entertainment venues. This too owns the historic Hôtel du Pont in Wilmington and is building a new hotel slated to open in 2021, the Virgin Hotels New Orleans, in partnership with the Virgin Group lifestyle hotel brand.