Innkeepers USA Trust, a hotel real estate investment trust (REIT) and a leading owner of upscale, extended-stay hotel properties throughout the United States, today announced that it has completed the acquisition of the 83-room Hampton Inn in Columbia, Md., for an all-in cost of approximately $10 million, including closing costs and anticipated capital expenditures. The acquisition will be funded by borrowing on the company’s unsecured line of credit. It is the second closing of three acquisitions the company announced in December. Innkeepers Hospitality Management, Inc. will manage the property. Jeffrey H. Fisher, chief executive officer and president of Innkeepers USA Trust, owns Innkeepers Hospitality Management.
“Columbia, Md., located midway between Baltimore and Washington, D.C., is a highly desirable planned community in Howard County,” Fisher said. “Howard County has been one of Maryland’s fastest-growing regions, increasing its population by 34 percent over the past decade. Today, Columbia has 3,500 businesses occupying 26 million square feet of space and employing over 91,000 people.
“The property itself is proximate to the Columbia Gateway Corporate District, a 584-acre corporate business park located on MD Route 175 and I-95, and approximately seven miles from BWI airport,” Fisher added. “A total of six business parks are located within five miles of the property, which also is convenient to a number of large retail outlets. The Baltimore-Washington corridor remains a key acquisition market for us.”
Built in 2000, the four-story Hampton Inn features free high-speed Internet access in guest rooms, two phones with two lines with voice mail, microwave, refrigerator, ergonomic workspace, and lapdesk. Executive class study room and luxurious one room whirlpool suite upgrades are available. The hotel also boasts deluxe complimentary hot breakfast bar, the brand’s new “On-the-Go” Breakfast, business center, laundry/valet services, meeting room for 15 persons, fitness center, indoor pool and spa, lobby wireless Internet service, freshly baked cookies at check-in, and USA Today newspaper.
Peter M. Willis, Innkeeper’s vice president of business development, said that the company continues to have an aggressive appetite for hotel acquisitions, including upscale extended stay and premium limited service brands, the core of the company’s portfolio; selected full-service properties; and turn-around opportunities and hotels that are affiliated with, or have the potential to be converted to, the industry’s top brands.