BALTIMORE-After a consultant's report says the hotel property's fortunes are beginning to get brighter, city officials on Thursday ruled out selling the money-losing Hilton Baltimore convention hotel.
Consultant Davenport & Co., an investment advisory firm, stated that the city could lose between $60 million to $90 million on a sale of the 757-room Hilton Baltimore, according to the Baltimore Sun.
"We would do it at a very significant financial loss to the city," Finance Director Harry E. Black said. "We don't believe we're at that point yet. We believe the situation is manageable."
The West Pratt Street hotel opened in August 2008. Two years earlier the city authorized more than $300 million in tax-exempt bonds to finance its construction. The hotel has since lost more than $50 million. See story in the Baltimore Sun.
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