Marriott Hunt Valley for $31 million
|NORWALK, Conn. & BALTIMORE - Aug. 2, 2004 -- HEI Hospitality, a
privately held hospitality investment firm, today announced the acquisition
of the Marriott Hunt Valley in suburban Baltimore, Maryland, for $31 million.
It is the third property acquired in the past two months by HEI since it
announced the formation of HEI Hospitality Fund, a $275 million private
equity investment fund. Merritt Hospitality, a wholly-owned subsidiary
of HEI, will manage the property.
"The Marriott Hunt Valley will immediately commence an approximate $7 million renovation that will further enhance the hotel's reputation as one of the East Coast's premier meeting facilities," said Gary Mendell, HEI chairman and CEO. "The property is easily accessible to BWI, the East Coast's best price/value airport, through the airport's light rail system which connects adjacent to the hotel."
Renovations to the hotel will include improvements to all public spaces, including the lobby, meeting rooms, food and beverage outlets and fitness facilities, as well guest bathrooms and guest room corridors. The guest rooms recently underwent a full renovation. The additional planned renovation program will be completed in phases in order to minimize disruptions to guests, with completion expected by mid-2005.
The four-story hotel is located at 245 Shawan Road, on 18 landscaped acres north of the city of Baltimore and is a short distance from Baltimore's many upscale restaurants, shops and tourist attractions, including the Baltimore Inner Harbor, Baltimore Zoo, the National Aquarium, and Camden Yards, home of the Baltimore Orioles.
The hotel's 22 meeting rooms provide more than 28,000 square feet of flexible meeting space. The property's 9,900-square-foot ballroom, which can accommodate up to 1,000 people, is the largest in Baltimore County and hosts many of the regions premier social events.
Each of the 392 guest rooms and suites features high-speed Internet access. The hotel offers three tennis courts, the 150-seat Cinnamon Tree Restaurant, the 60-seat Paddock Lounge, and is near six golf courses and a full-service spa. The hotel also provides an executive floor for business travelers and concierge services for both business and leisure guests. In addition, the Marriott Hunt Valley offers indoor and outdoor swimming pools and a health club.
"We continue to seek to acquire upscale hotels and resorts in major markets and resort destinations," said Clark Hanrattie, HEI senior vice president and chief investment officer. "We have the flexibility and financial strength to structure unique transactions for both individual hotels and portfolios."
Molinaro Koger, working on behalf of the seller, acted as broker for the sale.
HEI Hospitality, headquartered in Norwalk, Conn., is an ownership/investment
firm that owns and/or operates 22 first-class and full-service hotels throughout
the United States under such well-known brand names as Marriott, Sheraton,
Westin and Hilton. Merritt Hospitality is an independent hotel management
company and a wholly-owned subsidiary of HEI Hospitality.
|Also See:||Focus Development Completes $22 million Transformation of a 1906 Building Destined for Demolition - Baltimore's Hampton Inn & Suites / March 2004|
|The 750-room Baltimore Marriott Waterfront Hotel A Booming Success as Meeting Center; Baltimore Convention Center Still Struggling / January 2004|