Laurus Corporation Acquires Hunt Valley Inn In Baltimore, Maryland
LOS ANGELES, March 26, 2013 /PRNewswire/ -- Laurus Corporation, a U.S.-based private real estate investment and development firm, announced that it has completed the acquisition of the Baltimore Hunt Valley Inn located in Baltimore, Maryland. After a significant renovation, the hotel will become part of the Wyndham Grand Collection and features 393 guestrooms and 33,000 square feet of meeting space, including a fitness center, indoor/outdoor pool, business center, gift shop and tennis courts. The property benefits from its ideal location and strong visibility off the highway on Hunt Valley's major thoroughfare. Surrounded by numerous Class A office parks, this rapidly expanding business hub is home to several Fortune 1000 companies and national corporations, including BD Diagnostic Systems, Bank of America, PHH Corporation, AAI Corporation and McCormick & Company, Inc.
"The combination of the Hotel's strong cash flow, highly desirable location and unencumbered nature of the property makes this an opportunistic acquisition with tremendous upside potential," said Philip Cyburt, Chief Executive Officer of Laurus Corporation. "This marks our fourth capital allocation from Laurus' Ethika Fund."Laurus Corporation will implement a $9.5 million renovation program which will include a full-scale guest room renovation and the opportunity to develop an additional 4,000 square feet of meeting space to serve as an outdoor pavilion. This popular business hotel features significant meeting space which holds the largest ballroom in the market with more than 9,500 square feet, making it ideal for conventions and seminars. "The well-considered renovation program will reestablish the Hotel's dominant position in a dramatically improving market," said Austin Khan, Chief Investment Officer of Laurus Corporation. "The rebranding will drive ADR, boost demand and increase asset value." Located in one of the most affluent areas of Baltimore and near Washington, D.C., Baltimore County has several leisure demand generators, including the Towson Town Center, Hunt Valley Town Center, Pimlico Race Course, and more than 200 public, county and state parks. The hotel is also situated near the Inner Harbor, a historic seaport, landmark of the City of Baltimore and home to various tourist attractions such as the Maryland Science Center, National Aquarium, Baltimore Maritime Museum and entertainment and dining venues. The nearby Baltimore Convention Center, featuring more than 1.2 million square feet, is a premier location for conventions, tradeshows and expositions in the Mid-Atlantic region. In addition, there are major universities located in the Baltimore area, including Johns Hopkins University, the University of Maryland, Loyola University and several more. The Hunt Valley Inn is located at 245 Shawan Road, in Hunt Valley, Maryland. Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post-acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.
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