BALTIMORE—Sunstone Hotel Investors Inc. has sold the 622-room Renaissance Baltimore Harborplace here for a gross sale price of $80 million, or approximately $129,000 per key to The Buccini/Pollin Group (BPG).
Situated in the Inner Harbor, the Renaissance Baltimore Harborplace occupies prime real estate along the city’s waterfront. The recently renovated, full-service lifestyle hotel has 622 rooms, nearly 30,000 sq.ft. of flexible meeting and event space, three food and beverage outlets and a signature, waterfront restaurant called Watertable.
Additional hotel amenities include a 24-hour fitness center and full-service business center. The hotel is within walking distance of the city’s major attractions, including M&T Bank Stadium, Camden Yards, the National Aquarium and the Baltimore Convention Center.
“We are pleased to announce the sale of the Renaissance Harborplace,” said John Arabia, president/CEO, Sunstone Hotel Investors. “The completed sale further concentrates our portfolio into long-term relevant real estate and increases our already considerable liquidity. Our company is well positioned to navigate the current environment and to capitalize on opportunities as they arise.”
Dave Pollin, president, BPG, said, “We know and love the Renaissance brand. Renaissance invites business and leisure travelers alike to discover the unexpected. Coupled with the hotel’s unparalleled Inner Harbor location, Baltimore Renaissance Harborplace guests will experience the best that Baltimore has to offer. We are very proud to be expanding our commitment to Baltimore, a city on the rise.”
BPG has a longstanding connection to the Baltimore region, opening its first hotel in the area in 1997. Today, the BPG portfolio includes 17 Marriott-affiliated hotels, including the recently renovated and rebranded Renaissance Philadelphia Downtown in Old City.
“We are particularly pleased to utilize this transaction to expand our partnership with The Buccini/Pollin Group,” said Dave Grissen, group president, Marriott International. “Given our ongoing strong relationship, we view this opportunity as a powerful combination during the current environment we find ourselves in.”