Downtown Baltimore’s Holiday Inn Sold to The Procaccianti Group
- Feb 17, 2012
The Procaccianti Group (TPG), a privately held real estate investment and management company based in Providence, Rhode Island, announced that it has recently completed the purchase of the Holiday Inn Baltimore Inner Harbor Hotel. With the new addition, TPG now owns 61 hotels in 23 states, with nearly 17,000 guest rooms.
The Holiday Inn Baltimore Inner Harbor Hotel is a 13-story hotel located at 301 West Lombard Street, in the heart of downtown Baltimore. One of the hotel’s strong points is its location, only three blocks from Baltimore Inner Harbor attractions. Within one mile, guests can find the Hard Rock Cafe, M&T Bank Stadium, home of the Baltimore Ravens, Hippodrome Theatre, Maryland Science Center, National Aquarium and B&O Railroad Museum. And the Johns Hopkins and the University of Maryland campuses are also close by.
The 365-guest-room hotel offers approximately 12,000 square feet of indoor meeting space, high-speed, wireless Internet access, food and beverage outlets, a fully-equipped fitness center, indoor pool, sauna, and business center. The hotel, which had been in receivership, was purchased from Torchlight Investors. However, TPG did not disclose the financial details of the transaction.
TPG has purchased the Holiday Inn Baltimore Inner Harbor Hotel because it believes it “is properly positioned to benefit as the market continues to rebound and key performance indicators improve,” as Robert Leven, TPG’s chief investment officer, stated in a press release. It is not the company’s only hotel in Maryland. TPG also owns the 210-room DoubleTree BWI Airport hotel in Linthicum, and the 231-room Crowne Plaza Washington, D.C., hotel in Silver Spring.
The Procaccianti Group was founded in 1964. Its headquarters are located in Cranston, Rhode Island. Over the years, the company has owned or managed hundreds of real estate assets surpassing 25 million square feet with a value exceeding $5 billion.
Image courtesy of http://www.holidayinn.com.