Baltimore Waterfront Renaissance Hotel Trades for $80M
The Buccini/Pollin Group has acquired the 622-room hotel from Sunstone Hotel Investors; further expanding its lifestyle portfolio of Marriott-affiliated assets.
BALTIMORE, MD – The Buccini/Pollin Group has acquired the 622-room, Renaissance Baltimore Harborplace Hotel, from lodging REIT, Sunstone Hotel Investors Inc., for a sale price of $80 million, or $129,000 per key.
The recently-renovated, lifestyle hotel is situated along the waterfront within Baltimore, MD’s Inner Harbor and is located within walking distance to major attractions, such as M&T Bank Stadium, Camden Yards, the National Aquarium and the Baltimore Convention Center.
The full-service hotel, features nearly 30,000 square feet of flexible meeting and event space, in addition to its 622 rooms. Amenities of the hotel include a state-of-the-art, 24-hour fitness center, a full-service business center and the Renaissance brand’s guest experiences and programming. The hotel additionally offers three food and beverage outlets and a signature, waterfront restaurant, Watertable.
Through the disposition, the seller, Sunstone Hotel Investors aims to further its strategy of focusing its portfolio on long-term, relevant real estate. The company currently holds interest in 19 hotels, comprising 9,988 rooms.
“We are pleased to announce the sale of the Renaissance Harborplace. The completed sale further concentrates our portfolio into long-term relevant real estate and increases our already considerable liquidity,” stated John Arabia, Sunstone Hotel Investors president and CEO. “Our company is well positioned to navigate the current environment and to capitalize on opportunities as they arise.”
With the acquisition, the Buccini/Pollin Group is further expanding its portfolio of Marriott-affiliated and lifestyle hotels. Holding a longstanding connection to the region, the privately-held company opened its first hotel in the area in 1997 and now manages a portfolio that includes 17 Marriott-affiliated hotels, including the recently-renovated and rebranded Renaissance Philadelphia Downtown.
“We know and love the Renaissance brand. Renaissance invites business and leisure travelers alike to discover the unexpected. Coupled with the hotel’s unparalleled Inner Harbor location, Baltimore Renaissance Harborplace guests will experience the best that Baltimore has to offer,” said Dave Pollin, president of the Buccini/Pollin Group. “We are very proud to be expanding our commitment to Baltimore, a city on the rise.”
“We are particularly pleased to utilize this transaction to expand our partnership with The Buccini/Pollin Group. Given our ongoing strong relationship, we view this opportunity as a powerful combination during the current environment we find ourselves in,” said Dave Grissen, group president at Marriott International.
