Description

This 129 keys, two stories asset is well located in active Baltimore, MD market. It is located at an exit of Baltimore loop 695 and close to I-70, I -95 and route 40& . major highways in the Maryland region. The property is a few miles from Baltimore downtown, Baltimore Washington Airport. The local market offers high barriers to entry and no known new construction is planned. The property was operating as a Holiday Inn until April 2006. The Best Western franchise came on line in May 2006. The property also offers a restaurant & lounge and banquet facilities.

The current owners have injected in excess of $625,000 since 2004 to overhaul the property. All renovations were completed prior to 2007.

The property is currently absentee owner. In addition to the economic downturn the management at the property is unfocussed and the current rate structure is not in line with the competing properties in the market. With an experienced on-site owner operator the property can achieve its fair share of the market. At an offering price of $6.9 million the property offers a significant opportunity to a new owner.

The Baltimore market is an established market. The market comprises of small to medium size corporations. The market gets its room demand from corporate as well transient market. I-70, I-695, I-95 corridor creates room night demand in the market. In addition, the property also enjoys overflow from Baltimore downtown market. The Social Security Administration headquarters are within 3 miles of the property and creates regular room night demand. Located next to the property is a huge, popular and always busy banquet facilities, known as Martins West, creates further room night demand.