X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BALTIMORE, MD-Nearly one year after opening the Baltimore Inner Harbor Courtyard hotel, owner Crestline Capital Corporation has sold the property to RLJ Development, LLC for $26 million. The Bethesda, Maryland-based real estate firm is turning a profit, having invested $21 million to construct the 205-room property. The Inner Harbor Courtyard was Crestline’s first property to operate as a Courtyard Marriott Hotel.

In addition to its guest rooms, the hotel also offers 2,453 sf of meeting and conference room space. “This hotel has performed exceptionally well since we opened it in December of last year,” company Executive Vice President and CFO James L. Francis notes in a statement on the sale. “We believe that downtown limited-service properties with an excellent brand provide very strong returns.” Francis adds that Crestline, which will continue to manage the property under its subsidiary Crestline Hotels & Resorts, Inc., is “exploring all strategic options available for efficiently redeploying our capital and maximizing shareholder value.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.