Renaissance Baltimore Harborplace Changes Hands

Main Photo: The Renaissance Baltimore Harborplace Hotel

Date: July 2020

Location: Walking distance of Baltimore’s major attractions, including M&T Bank Stadium, Camden Yards, the National Aquarium and the Baltimore Convention Center

Name: The Renaissance Baltimore Harborplace Hotel

No. of Keys: 622

Seller: Sunstone Hotel Investors sold the property for US$80 million. Sunstone is a REIT with interests in 19 hotels just shy of 10,000 rooms, spread over the West Coast, Illinois, Florida and the East Coast, also under Hilton and Marriott brands.

Buyer: The Buccini/Pollin Group has acquired the Renaissance Baltimore Harborplace Hotel, further expanding its portfolio of Marriott International-affiliated and lifestyle hotels.

The Buccini/Pollin Group 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.

In total they have acquired or developed real estate assets having a value in excess of $5.0 billion, including 40+ hotels, 7 million square feet of office and retail space, 10 major residential communities, and multiple entertainment venues, including Talen Energy Stadium, home of the Philadelphia Union Major League Soccer team.

They have their own hotel management company, PM Hotel Group, with several Hilton hotels also under their belt.

The recently renovated, full-service lifestyle hotel features 622 rooms, nearly 30,000 square feet of meeting and event space, three food-and-beverage outlets and a signature, waterfront restaurant called Watertable. Additional hotel amenities include a 24-hour fitness centre and a full-service business centre.

The hotel’s central location is within walking distance of Baltimore’s major attractions, including M&T Bank Stadium, Camden Yards, the National Aquarium and the Baltimore Convention Center.

“We know and love the Renaissance brand,” said Dave Pollin, president of The Buccini/Pollin Group. “Renaissance invites business and leisure travellers 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.”

Price: US$80m

Price per Key: $128,617

THPT Comment: Great price for Buccini/Pollin, for this hotel in a very attractive area of Biltimore. Interesting company with diverse interests, besides hotels.

First Seen: Hotel Management

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