Laurus Corporation has completed the acquisition of the Hunt Valley Inn located in Baltimore. The U.S.-based private real estate investment and development firm made the announcement on March 26.
The Hunt Valley Inn is located at 245 Shawan Road, in Hunt Valley, Maryland. It features 393 guestrooms and 30,000 square feet of flexible meetings space as well as a fitness center, indoor/outdoor pool, business center, gift shop and tennis courts.
Hunt Valley Inn also holds the largest ballroom in the market. The Hunt Valley Ballroom has a maximum meeting space of 9,472 square feet and maximum seating capacity of 1,200, making it ideal for conventions and seminars. The hotel offers easy access to the city and is located close to Baltimore’s Inner Harbor, the Hunt Valley Towne Center, Oregon Ridge Park, Baltimore National Aquarium, the Maryland Science Center, Baltimore Maritime Museum, University of Maryland Baltimore, the Maryland Zoo, Camden Yards, the Baltimore Convention Center, and other entertainment and dining venues.
“The combination of the hotel’s strong cash flow, highly desirable location and unencumbered nature of the property makes this an opportunistic acquisition with tremendous upside potential,” said Philip Cyburt, chief executive officer of Laurus Corporation, in a press statement. “This marks our fourth capital allocation from Laurus’ Ethika Fund.”
Laurus Corporation will invest $9.5 million to renovate the property. The project includes a full-scale guest room renovation and the opportunity to develop an additional 4,000 square feet of meeting space to serve as an outdoor pavilion. After the renovation, the hotel will be branded as part of the Wyndham Grand Collection.
“The well-considered renovation program will reestablish the hotel’s dominant position in a dramatically improving market,” said Austin Khan, chief investment officer of Laurus Corporation. “The rebranding will drive ADR, boost demand and increase asset value.”
Photo credits: Hunt Valley Inn