TPG Acquires Holiday Inn Baltimore Inner Harbor
Posted February 7, 2012
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The Procaccianti Group (TPG) has completed its acquisition of the 365 guest room Holiday Inn Baltimore Inner Harbor.
This 13-story hotel, located at 301 West Lombard St, offers approximately 12,000 square feet of indoor meeting space, food and beverage outlets, fitness center, indoor pool, sauna, and business center. It is close to Baltimore's CBD, Inner Harbor, sports stadiums and the University of Maryland, Baltimore.
In 2009, Lodgian defaulted on a $45.5 million securitized mortgage debt that included the Holiday Inn Baltimore Inner Harbor. The Company recorded fair value measurement losses of $32.3 million related to the seven hotels in the pool, known as the Merrill Lynch Fixed Rate Pool 3.
At the time, the fair market value of The Holiday Inn Baltimore Inner Harbor was estimated at $17.1 million, by far the most expensive hotel in the pool. TPG did not reveal the price it has paid for the hotel.
SEE: Maturing Debt on Holiday Inn Inner Harbor Gets Another Extension (08/03/2009)
This acquisition brings TPG's current national hospitality portfolio to 61 hotels throughout 23 states representing nearly 17,000 guest rooms.
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