Jones Lang LaSalle Hotels arranged the sale of the 23-story Baltimore Hilton and Towers to Radisson Olympus Capital Partners on behalf of Hanover Street Hotel Associates, LLC. The 440-room, full-service, landmark hotel will be renamed the Radisson Plaza Hotel Baltimore Inner Harbor.
“Baltimore has a great story,” said Alan Tantleff, Executive Vice President of Jones Lang LaSalle Hotels, who spearheaded the sales effort. “The property is located right in the heart of the Inner Harbor, close to all of the city`s attractions: Harborplace, Camden Yards, the Aquarium and the new Disney Children`s Science Museum. In addition, the convention center recently doubled in size, which will have a tremendous impact on the city`s hotels. A lot of people are beginning to appreciate the upside potential of the Baltimore market.”
Constructed in 1928 in the Art Deco style of the era, the Baltimore Hilton and Towers was extensively modernized in the 1980s for approximately $35 million. In 1997/1998, it underwent a $3.7 million renovation. Since then, RevPAR (revenue per available room) and cash flows have steadily increased.
Baltimore is the country`s 12th largest city, with more than $1 billion spent in recent years for development of cultural, educational, sporting and tourist facilities downtown.