JV to Acquire Embassy Suites in Baltimore
An HFF team arranged the partnership and secured the acquisition financing. The Hilton-branded hotel previously sold in 2014 for $21.2 million.
Embassy Suites by Hilton Baltimore at BWI Airport
HFF has secured financing for the acquisition of Embassy Suites by Hilton Baltimore at BWI Airport, a 251-key, all-suite hotel in the Baltimore-area community of Linthicum Heights, Md. The HFF team assisted TCOR Hotel Partners in forming a joint venture equity partnership with TriGate Capital. The team subsequently obtained a five-year, fixed-rate loan from a local bank on behalf of the newly-formed joint venture.
Situated on 7.2 acres at 1300 Concourse Drive, the hotel is 3.2 miles from Baltimore/Washington International Thurgood Marshall Airport, where traffic is more than 26.4 million passengers a year. The property is also 8 miles from Baltimore Inner Harbor, less than 20 miles from Annapolis and 25 miles from downtown Washington, D.C.
Embassy Suites by Hilton Baltimore at BWI Airport opened in 1987 and was fully renovated in May 2016. The amenities include a multi-story atrium, a fitness center, a business center, a lounge, an indoor pool and meeting rooms, as well as the BISTRO One restaurant.
According to Anne Arundel County records, the property previously changed hands in 2014, for $21.2 million.
HFF Senior Directors Pete Fehlman and Chris Hew have led the debt placement team. Last year, another team led by Fehlman secured more than 20 million in acquisition financing for two Dallas-area hotels.
Image via Google Street View
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