The purchase price has not been disclosed; however, Urgodeveloped the hotel for approximately $28 million, according to aWinter 2004 report published by the city's economic developmententity the Baltimore Development Corp. Three years ago the Board ofEstimates originally signed off on the tax package--a tax breakarrangement in the form a 10-year payment in lieu of taxes, orPilot agreement--which allowed Urgo to build the hotel. The movehad faced opposition from preservationists against the demolitionof an and eight-decade-old office building that was on thesite.

Located at 17 Light St. near the Baltimore Convention Center andsports venues Orioles Park at Camden Yards and the Ravens' M&TBank Stadium, the area Residence Inn is the first all-suite lodgingfacility in the city's Inner Harbor. The 15-story structure wasdesigned by the architectural firm of Brennan Beer Gorman MonkArchitects & Interiors PLLC, and features 1,500 sf of meetingspace, a fitness facility, a library and a business center.

While the board has already signed off on the tax transfer, itstill has business to complete on the matter. On the subject ofRLJ's plan to buy the hotel, it is noted in the board's plannedagenda for its September 21 meeting that, "This action will requirethe execution of the estoppel certificate for the profit sharingagreement, which is part of the Pilot. The terms of the Pilot andthe profit sharing agreement remain unchanged."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.