Real estate capital markets advisory company Hodges Ward Elliott (HWE) has acted on behalf of an affiliate of American Hotel Income Properties (AHIP) in the sale of Marriott brand’s Residence Inn hotel in Baltimore, US.
Neither party has disclosed the financial terms related to the Residence Inn Baltimore White Marsh sale.
Last week, AHIP reported its third quarter financial results and revealed plans to continue selling hotel assets as part of its strategy to increase liquidity, reduce debt, and address future financial commitments.
The company said it has seven properties under PSA, with expected gross proceeds of $77m. The company is also marketing around ten more hotels for potential sale.
HWE's team was led by managing director Clint Hodges and senior vice-president Nate Ries.
Hodges said: “We appreciate the trust the seller placed in our team to guide this transaction. It was a pleasure to represent them, and we look forward to the buyer's continued success with the property.”
The hotel is a 131-key extended-stay hotel situated within the White Marsh Town Center development.
The Residence Inn is less than 15 miles from central Baltimore, providing direct access to major retail outlets with more than 19 million square feet of industrial and office space in the surrounding area.
The four-storey property features suites equipped for extended stays, along with amenities such as a fitness centre, sports court, outdoor pool, meeting facilities, and daily breakfast offerings.
Ries said: “The competitive response we saw on this offering reflects not only the strength of the Residence Inn brand in a diversified demand corridor, but also the depth of buyers actively pursuing extended-stay product.”
HWE operates out of offices in multiple US cities, as well as London.
The firm has completed more than $100bn in deals over the past 50 years, including $50bn since 2015.
In August, Buffalo Lodging Associates announced the reopening of the refurbished Residence Inn by Marriott Rochester Henrietta in New York, US.
