The Doubletree Inn at The Colonnade in North Baltimore has been purchased by Washington-based RWN Development Group LLC and will undergo a $3 million face-lift, according to Ventura Commercial Mortgage Company, which handled the deal.
The property, which will convert from a Doubletree affiliate to a full franchise operation, was purchased from Bresler & Reiner Inc., a Washington development company, for $15 million, according to James P. Ventura, president of the commercial mortgage company.
Bresler & Reiner is largely an owner of apartments and office space, Ventura said. "Having one or two hotels in your portfolio just really doesn't make sense," he said.
The full Doubletree franchise status will impose additional standards on the hotel and provide access to the Doubletree reservation system, Ventura said.
The Doubletree Inn at The Colonnade is a 125-room hotel on University Parkway near the Johns Hopkins University's Homewood campus and about four miles from the central business district and Inner Harbor. Constructed in 1989, the facility includes meeting space, office and retail space and a public parking garage. In addition, there are 122 privately owned residential condominiums on the top seven floors of the building.
The Colonnade also is home to the recently opened Spice Company restaurant. That restaurant space previously housed the Polo Grill, Four West and the Club at the Colonnade.
Planned renovations to the hotel will include upgrades to the facade, lobby and hotel rooms, Ventura said.
The hotel consistently has maintained occupancy levels of 70 to 75 percent, he said.
"Obviously, it's always a big draw for Hopkins and people who want to be away from the crowds of Baltimore," Ventura said. "It's the big place to go if you're doing anything at Hopkins."
The hotel attracts speakers, professors, parents of Hopkins students, researchers and surgeons who are visiting the area and people attending lacrosse events, Ventura noted.