Downtown Baltimore’s Embassy Suites Inner Harbor Hotel and its companion property The Grand have sold for $18 million to Washington, D.C.-based investors.
Urban Investment Partners Cos., or UIP Inc., have proposed converting the 300-room hotel into an apartment tower, as Downtown Baltimore’s residential population continues to grow. The company has nearly reached its goal of raising $11.6 million in equity capital to launch a conversion of the 37-story tower into a new residential hub. The deadline to raise the capital is July 21, said Steve Schwat, founder of UIP on Wednesday, and the proposal to investors highlighted the property’s location in a federal opportunity zone.
The Embassy Suites property first opened as an apartment building and was converted into a hotel (Tremont Suites Hotel). It was rebranded as an Embassy Suites property in 2013 followed by a multi-million dollar renovation that included the addition of dining establishments like the corner Starbucks.
The seven-story Grand, an ornate former Masonic lodge, was built in 1866 and totals 45,000 square feet of space. It has been utilized as a space for hosting proms, wedding receptions and other large scale events over the years.
The acquisition of the Embassy Suites and the Grand marks UIP’s first purchase in Baltimore. Schwat said he’s optimistic about the city because of its legendary grit as well as its academic and healthcare anchors.
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