Officials of The Buccini/Pollin Group (BPG), a leading hotel development and ownership company, today announced that it has sold the Comfort Suites at Baltimore/Washington International Airport in Maryland to a partnership comprised of Nutmeg Partners and Magna Hospitality, an Annapolis, Md., based hotel ownership and management company, for $12.45 million.
“We are delighted to have consummated such a mutually attractive deal for all parties in an otherwise trying economy,” said Dave Pollin, BPG president. “This transaction provides BPG with an excellent return to its investors and principals, yet offers significant opportunity to the new owner. Furthermore, it allows us to redeploy our capital into new developments and invest internally in our management and development infrastructure.
Located at 815 Elkridge Landing Road in Linthicum Heights, Md., the multi-Gold Award Winning Comfort Suites is located less than one mile from Baltimore/Washington International Airport and just minutes from the Baltimore Inner Harbor, Convention Center and Oriole Park. Guest rooms are oversized with separate areas for working and relaxing and come equipped with in-room refrigerator, coffee maker and microwave. The hotel promises a 100% Satisfaction Guarantee, complimentary deluxe continental breakfast, a meeting room, business center and 24-hour Sundry shop.
Dave Pollin continued, “Our hotel management affiliate lead by Greg Miller, PM Hospitality Strategies, is truly to be commended for their aggressive and efficient operations of the Comfort Suites. Their strategic vision for the property is what led to its tremendous success, the precursor to our achieving an outstanding return for the property’s ownership.
“While the hotel investment market has slowed considerably since 9/11, savvy hoteliers realize that good deals are still to be made,” added Pollin. “We continue to develop hotels, having just opened the Embassy Suites Boston at Logan Airport, as well as acquire and invest in existing assets, e.g., The Madison Hotel in Washington, D.C. currently undergoing a $30 million restoration.”
PM Hospitality Strategies of Alexandria, Va. is the management arm of BPG. The company currently operates nine hotels and is overseeing the construction of three additional upscale hotels, all on the Eastern Seaboard. PMHS’ hands-on founders oversee all aspects of day-to-day operations, and emphasize marketing, employee development, and cost-effective operations for each hotel. With strong financial backing, PMHS ranks among the fastest growing hospitality management organizations in the United States. During each of its first six years, the company has realized substantial increases in operating profits. Same unit sales increased in 2002 over 2001 for the second year in a row, a feat virtually unmatched in the hospitality industry during that time period. Additional information about the company may be found at its Web site: www.pmhs.com
In addition to its 10 hotel holdings, The Buccini/Pollin Group, founded in 1992, has acquired or developed 18 office, industrial, retail or parking garage facilities comprising 2.5 million square feet. Additional information about the company may be found on its Web site: www.bpgroup.net.