July 9, 2020 Acquisitions, Development, Hotel
By Jacob Owens for Delaware Business Times
BALTIMORE – The Buccini/Pollin Group (BPG) has acquired the Renaissance Baltimore Harborplace Hotel, continuing to build its portfolio of Marriott-affiliated hotels around the nation despite the pressures of the COVID-19 pandemic.
The 622-room hotel located in the heart of Baltimore’s Inner Harbor district was purchased for $80 million, or about $129,000 per room, according to the seller, California-based real estate investment trust Sunstone Hotel Investors.
The hotel, which also has meeting and event space, three food and beverage outlets and a signature restaurant called Watertable, will now become a franchise under the Renaissance brand and be managed by Wilmington-based BPG’s hotel arm, PM Hotel Group.
“We know and love the Renaissance brand. Renaissance invites business and leisure travelers alike to discover the unexpected. Coupled with the hotel’s unparalleled Inner Harbor location, Baltimore Renaissance Harborplace guests will experience the best that Baltimore has to offer,” said Dave Pollin, BPG president and chairman of PM Hotel Group, in a statement announcing the acquisition. “We are very proud to be expanding our commitment to Baltimore, a city on the rise.”