Pyramid Advisors has been serving as the asset manager on behalfof the JV members, one of which acquired Sheraton Annapolis in 2000as part of a $325-million, 16-hotel deal. That member, Barceló,instituted a $4.5-million renovation of the property in 2001. Asper Anne Arundel County records, the property has a currentassessed value of approximately $14.8 million.

Sheraton Annapolis is an upscale hotel and conference centerthat occupies a five-acre parcel off Route 50 near the US NavalAcademy and the State Capitol. Built in 1986, the facility featuresthe 5,000-sf Chesapeake Ballroom--the largest meeting facility inAnnapolis--an additional 1,700 sf of meeting space, and a 2,200-sfgarden ballroom. "We believe this hotel will generate immediatestrong returns for our shareholders," Highland president and CEOJames L. Francis says, "and we will further enhance the quality ofthis asset with a renovation of its guestrooms, lobby, meetingrooms, restaurant and other common areas."