BALTIMORE-A deal has come to a close for the acquisition of the SpringHill Suites at Baltimore Washington International Airport. Dallas-based Ashford Hospitality has taken the 133-room hotel off the hands of the Buccini/Pollin Group for nearly $15.9 million. Ashford forked over a cash sum of $9 million and agreed to assume non-recourse debt on the property in the amount of $6.9 million.

The terms of the loan on the property provide the owner with the option of borrowing additional funds. “This acquisition provides a strong initial return with upside through continued improvement in operating performance and helps further diversify our portfolio by brand, market and segment,” says Ashford Hospitality president and CEO Monty J. Bennett.

Situated in a business park under a mile away from the Baltimore Washington International Airport, SpringHill Suites carries an address in Linthicum, which is just outside of Baltimore. The all-suite property features 1,100 sf of meeting space, as well as an exercise facility. The hotel opened in 2001 and marked the entrée of the SpringHill suites brand in the Baltimore/Washington corridor. An affiliate of the Buccini/Pollin Group, PM Hospitality Strategies, had been serving in the role of property manager; the firm will continue to do so for a three-year term on behalf of the new owner.

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