MBA Hotel Brokers Arranges Sale of the Ramada Hotel at BWI Airport, Maryland
January 8, 2016 - MBA Hotel Brokers, Inc. announces the successful December sale of the Ramada BWI Airport, Hanover, Maryland at a final sale price of $6,300,000. John Downes, Associate Broker, represented the seller, BWI Parkway Hotel Group, Limited Partnership. MBA Hotel Brokers, Inc., also procured the buyer, NYMD Hotel Group LLC, a Maryland and New York City based investment and hotel management group.
The Ramada BWI Airport is located approximately five miles from the Baltimore Washington International Airport (BWI) at 7253 Parkway Drive, Hanover, MD, and is a full service 132 room seven story interior hotel. The property is in good condition and includes an outdoor pool, fitness room, large conference and banquet rooms, restaurant and lounge and a business center. The hotel's location, at the intersection of the Baltimore Washington Parkway (I-295), and RT 100, a busy east-west highway, is ideal for both business and leisure travelers to the City of Baltimore or the BWI Airport area, and is located 2 miles from the new Maryland Live Casino located at Arundel Mills Mall.
John Downes, Associate Broker with MBA Hotel Brokers Inc., stated “It was a long and enduring process to sell this hotel as the seller initially wanted prospective buyers to assume the owner's existing CMBS (Commercial Mortgage Backed Securities) loan, which greatly complicated and reduced the opportunities to sell the hotel. We were able to surface a buyer group that was able to make a suitable offer that enabled the seller to payoff the CMBS loan and allowed the buyer to obtain two new loans to purchase the hotel”.
The new owners are planning to continue with the Ramada brand and once the hotel is renovated, it will be presented as under new owners and management with an aggressive sales and marketing effort designed to reposition the hotel as a more competitive player in the nearby BWI Airport and Arundel Mills hotel market.
MBA Hotel Brokers Inc. has been advising on hotel transactions for over 20 years. MBA Hotel Brokers has a corporate office headquartered in Maryland and five additional branch locations. MBA Hotel Brokers Inc. has closed hundreds of hotel sales, in 26 states throughout the USA. For more information, contact Charlie Fritsch at [email protected] or John Downes at [email protected] or go to www.mbahotels.com.
Contact:
John Downes
[email protected]
410-489-5900 x11
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