Comfort Inn and Sleep Inn Hotels near Baltimore-Washington International Airport
BALTIMORE, MD – December 30, 2012 — Excel Group announced today that it has acquired the note for two distressed select service hotels in Baltimore for $9.125 million, an approximate 50% discount to PAR value. Excel Group executed the all-cash transaction from contract to closing in 10 days. In 2006, the hotels sold to the previous owner for $26 million.
The 145-room Sleep Inn is in operation, however the 182-room Comfort Inn is closed and under receivership.
Excel Group plans to file for foreclosure on both properties and successfully complete a sheriff of sale, and ultimately take back both hotels as REO at a later time. The firm plans to expand its distressed note acquisition platform into the hospitality asset class and secondary markets where strong risk adjusted returns can be achieved.