Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced on Monday the sale of the Holiday Inn Solomons Conference Center & Marina, a 326-room hotel property at Solomons.
The asset was sold for $15.1 million, according to Brian Hosey, division manager of the company’s Mid-Atlantic offices.
Gordon Allred, Karianne Cibello and Tulsee Nathu, investment specialists in Marcus & Millichap’s Inland Empire, Baltimore and Oakland offices, exclusively represented the seller and procured the buyer.
After conducting extensive market research which indicated strong demand for seniors housing in the Solomons area, the seller and buyer decided to work together to convert the 10 acres of subject property into a new hotel. with a separate senior housing community.
Upon closing, the hotel was renamed Solomons Inn Resort and Marina. Located at 155 Holiday Drive in Solomons, the four-story property boasts the largest event center in Southern Maryland, with approximately 20,000 square feet of space. Its amenities include a full-service restaurant, junior Olympic-sized outdoor pool, tennis courts, and on-site fitness center. Plans to redevelop the property will begin in early 2023.