BALTIMORE--(BUSINESS WIRE)--Hunter Hotel Advisors is the exclusive representative for Rialto Capital in the sale of the Historic Union Trust Building at 101 North Charles Street. Just blocks from the famous Baltimore Inner Harbor, the grand 12-Story building has a long tenure in Baltimore’s history and has undergone a partial conversion from office building to 100-room hotel.
Ideally situated between the “Left Bank” art district at Mount Vernon and the Inner Harbor, the brokers at Hunter are confident the century-old property will spark interest from sophisticated investors. “Baltimore is one of the most dynamic hotel markets in the U.S., and the hotel conversion redevelopment presents a unique opportunity to transform a historically significant building and advance the ongoing revival of Baltimore’s downtown,” said Kyle Stevenson, senior vice president of Hunter Hotel Advisors’ Washington DC office.
“This is a high-barrier-to-entry market with the opportunity to select a premium select-service or full-service flag. With a resurging neighborhood, a revitalized downtown, and the current low-supply of boutique hotels, this hotel opportunity is well positioned for an attractive sale.” Added value is likely due to the multiple tax incentive programs available in Baltimore’s development climate.
Built in 1884 by Boston-based Winslow & Wetherill, 101 North Charles Street (also called the Jefferson Building) is distinguished as one of only 10 structures to survive The Great Baltimore Fire of 1904 that started a mere four blocks away. According to Fireproof Magazine, authorities believed that the structure was exposed to the severest test of any of the skyscrapers during the fire, yet its 800 tons of structural steel and cast iron were 100 percent salvageable.
The property will join dozens of Baltimore’s redevelopment projects in the City’s Central Business District, including nearby 10 Light Street, with construction underway to convert the 550,000 SF former Bank of America building to a 445 unit apartment project.
Hunter Hotel Advisors is the nation’s leading investment advisory firm focused exclusively on the hotel industry. With a seasoned team of investment professionals and offices nationwide, Hunter consistently provides clients with optimal results in hotel brokerage, financial advisory and capital markets services.