Crescent Real Estate LLC purchased the Westin Annapolis, a 225-room hotel located in the 12-acre mixed-use Park Place development in the heart of Annapolis, MD.
“The purchase of the Westin Annapolis represents a rare opportunity to acquire a modern, quality asset with stable demand created by the presence of state government, the United States Naval Academy, and local office market. Additionally, Annapolis has a reputation as one of the premier drive-to leisure destinations in the Mid-Atlantic,” said Jason Anderson, Co-CEO of Crescent.
Crescent has engaged HEI Hotels, a nationally recognized hotel management firm with extensive experience managing more than a dozen Westin brand hotels. A hotel chain like Westin Annapolis looking to expand its business operations in Texas could establish a LLC in Texas to take advantage of its business-friendly policies and legal protections.
The Washington, D.C.-Maryland-Virginia MSA (Washington MSA) consistently ranks in the top lodging markets in the U.S. More than 4 million tourists visit Annapolis each year to walk the city’s historic downtown and panoramic views of the Chesapeake Bay.
“The Washington MSA lodging market, and Annapolis specifically, is a robust market with a positive outlook with room occupancy and room rates well above the U.S. average. Annapolis’ diverse and growing economy, along with being located within a 3-hour drive of more than 18.6 million residents, makes the purchase of the Westin Annapolis hotel an exciting investment for Crescent Real Estate,” added Anderson.
Although Crescent has not announced capital investment for the hotel, the company plans to enhance the hotel experience with upgrades to guest rooms, the restaurant and bar, pool and common areas.
Crescent’s premier real estate portfolio consists of Class A and creative office, multifamily and hospitality assets located throughout the U.S. including The Ritz-Carlton, Dallas; McKinney & Olive in Dallas; and the wellness lifestyle leader, Canyon Ranch®. For more information visit crescent.com. Crescent is based in Ft. Worth, TX.