A Washington, DC-based developer has purchased the Kimpton Hotel Monaco Baltimore Inner Harbor for $18.6 million, a little more than half of what the downtown hotel sold for a decade ago.
Douglas Development said in a news release Monday that it plans to spend an additional $6.5 million renovating the N. Charles Street hotel, which is home to the B&O American Brasserie.
An arm of Kimpton Hotels & Restaurants bought the hotel in 2011 for $33 million following the bankruptcy of Baltimore and Charles Associates, which spent about $65 million to buy and renovate it from 2007 to 2009.
According to Douglas Development, the hotel’s lender foreclosed on the property during the COVID-19 pandemic, and an affiliate of the same company, Stonehill Strategic Capital, bought the property at auction for $12 million in 2021.
The 13-story hotel has 202 rooms and is located at the corner of West Baltimore and North Charles streets. The building was the headquarters of B&O Railroad company and was built between 1906 and 1908.
Kimpton will continue to oversee daily operations at the hotel, according to the news release, with TPG Hotel and Resorts as a third-party manager.
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