Modus Hotels Buys Baltimore’s Brookshire Suites
By Adrian Maties, Associate Editor
Modus Hotels, a full service hotel development and management company from Washington, D.C., has purchased Baltimore’s Brookshire Suites last week. It is Modus’ first hotel in downtown Baltimore and its third hotel acquisition of 2012.
The Brookshire Suites is located immediately adjacent to Baltimore’s famous Inner Harbor. It offers its customers 97 spacious suites, averaging 500 square feet. Each suite contains a sleeping area and a separate living room furnished with a sofa, oversized desk, free WiFi, and a mini-refrigerator. Other amenities include a meeting room facing the harbor and a state-of-the-art fitness facility. The hotel is also pet friendly.
Modus’ newest acquisition is located close to such attractions as the National Aquarium, the Baltimore Convention Center, Baltimore Orioles’ Stadium, Camden Yards and the Baltimore Ravens M&T Bank Stadium. Although the fourth quarter is typically slow for hotels in the region, with the New York City and the Washington, D.C. metro as perhaps the only exceptions, occupancy in the northeastern United States is on the rise. The presidential inaugural in January may also help strengthen the market.
“With its ideal location along Baltimore’s Inner Harbor and its distinctive identity, the Brookshire Suites is a perfect fit in our expanding portfolio of Modus Hotels,” noted Aaron Katz, president and CEO of Modus Hotels.
Modus plans to invest several million dollars to fully renovate and re-concept the property and incorporate it into the Modus Hotels Collection, a portfolio of 12 hotels. The renovation project will start in January 2013, in phases so as to minimize guest disruption. It includes a new lobby, new guest suites and a new exterior. Modus expects to complete it in the fourth quarter of 2013.
“Following the completion of the renovation and the implementation of our proprietary marketing and management systems, we believe the hotel will be well positioned as an affordable, lifestyle hotel experience, something not offered by the existing hotels in the Baltimore market,” Aaron Katz said.
Photo credits: www.brookshiresuites.com
Charts courtesy of Marcus & Millichap.
Tags: Acquisition, Acquisitions/Dispositions, Baltimore, Baltimore Lead Story, Brokers, Brookshire Suites, Commercial Real Estate, Economy, hospitality, Local, Modus Hotels, National, Regional