ANNAPOLIS, MD – The Holiday Inn Express & Suites Annapolis was recently sold to companies in Georgia and Virginia, according to a press release.
The buyerslast month, but they did not mention the purchase price of the Word Hotel. Maryland property records do not yet list the transaction. The database, however, estimated the hotel to be worth $4,645,400 last July.
The current owner, the Annapolis Hospitality Company, has owned the 1.48 acre site for nearly 22 years. He bought the hotel for $2,450,000 in April 2000, records show.
Octave Opportunity Fund, an arm of Octave Holdings and Investments, said it bought the hotel alongside Loudon Hospitality Management.
Octave is a private real estate investor based inorgia and specializes in shopping malls. The company said it owns, operates and/or manages more than 30 commercial properties in six states worth more than $350 million.
The release says Loudon Hospitality Management, also known as LHM, will manage the Annapolis hotel.
LHM is headquartered in Ashburn, Virginia. Its properties span the East Coast, but are concentrated in Maryland, Virginia and West Virginia. The company said its portfolio includes franchise hotels from brands such as:
- best western international
- Choice Hotels
- Hilton Hotels Worldwide
- Hyatt Hotels Corporation
- IHG Hotels and Resorts
- Marriott International
Octave and LHM said they would continue to work with IHG, the parent company which owns several hotel chains including Holiday Inn Express.
“We are delighted to partner with LMH to acquire this prime property which fits our investment criteria and provides the opportunity to work with a great brand like IHG,” said Octave, Co-Founder and CEO, Sridhar Marupudi, in the January 31 press release.
The Holiday Inn Express & Suites is located at 2451 Riva Road. It sits just off US Route 50 and neighbors downtown Annapolis.
Property records show that the 27,000 square foot hotel was built in 1983. The inn has 79 rooms that are all within walking distance of the Westfield Annapolis Mall.
“We see a great opportunity to work with Octave and leverage our combined strengths to successfully develop the property,” said LMH CEO Pravin Katodia.
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