Holiday Inn Express at the Stadiums – 123 Rooms
Value Added Acquisitions
Rationale
- Disciplined Acquisition
- Margin Improvement
- Cost-Effective (Re-) Development
- Brand Relationship
- Purchased a distressed, 40+ year old asset between two major sport stadiums in downtown Baltimore with revenues in sub $600,000 range
- The Hotel was closed and extensive renovations were undertaken at the Hotel for 13 months
- Renovation costs exceeded the building acquisition costs.
- Hotel won the “Renovation of the Year” award from IHG in 2006
- Annual revenues currently exceed $3,500,000, an increase of 483%
- Current market value of the Hotel is over $16,000,000, an increase of over 280% post acquisition
