District Hospitality Partners, a privately held hospitality investment group that owns properties nationwide, announced today the acquisition of the Westin Annapolis.
Located in bustling historic downtown Annapolis, the 225-room property provides guests convenient access to popular attractions, including the United States Naval Academy, Navy-Marine Corps Memorial Stadium, Maryland State House, and Chesapeake Bay. Guests can watch the sailboats while strolling along the Annapolis Waterfront or visit historic Annapolis. The property is walkable to over 90 independent stores and restaurants, only 30 miles from two major Mid-Atlantic metro areas (Washington D.C. and Baltimore), and less than a 45-minute drive from Ronald Regan Washington National and BWI airport.
"The Westin Annapolis is an iconic asset in the Annapolis hotel market and a perfect fit for our portfolio as we continue to accelerate our acquisition pace," said Fred W. Malek, CEO, District Hospitality Partners. "The property is located in a growing market with high barriers to entry and benefits from the balanced strength of its group and transient customers. Properties with high cash flow in strong markets are the type of assets we are looking for to increase our hospitality presence."
The Westin Annapolis underwent a comprehensive renovation in 2020 for all its guest rooms, including case and soft goods, and modernizing the guest bathrooms. District Hospitality is planning a significant renovation to the bar, restaurant, and lobby.
With 13 event spaces encompassing over 19,000 square feet of meeting space, including two kitchens, the hotel offers the most meeting space of any venue in Annapolis, allowing the property to host the premier corporate and life cycle events in the market. Additional amenities include spacious modern rooms, free Wi-Fi, a fitness center, and an indoor pool.
HEI Hotels & Resorts, a nationally recognized hotel management firm, will continue to manage the asset. Eastdil Secured served as the debt placement advisor, and Wells Fargo provided the financing.