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Crestline Capital Corporation sells hotel to RLJ Development for $26 million.

BALTIMORE, MD-Crestline Capital Corporation sells the Baltimore Inner Harbor Courtyard hotel to RLJ Development for $26 million. Crestline's management subsidiary, Crestline Hotels & Resorts, Inc., will operate the hotel.

By Barbra Murray | Updated on December 21, 2001

BALTIMORE, MD-Nearly one year after opening the Baltimore Inner Harbor Courtyard hotel, owner Crestline Capital Corporation has sold the property to RLJ Development, LLC for $26 million. The Bethesda, Maryland-based real estate firm is turning a profit, having invested $21 million to construct the 205-room property. The Inner Harbor Courtyard was Crestline’s first property to operate as a Courtyard Marriott Hotel.

In addition to its guest rooms, the hotel also offers 2,453 sf of meeting and conference room space. “This hotel has performed exceptionally well since we opened it in December of last year,” company Executive Vice President and CFO James L. Francis notes in a statement on the sale. “We believe that downtown limited-service properties with an excellent brand provide very strong returns.” Francis adds that Crestline, which will continue to manage the property under its subsidiary Crestline Hotels & Resorts, Inc., is “exploring all strategic options available for efficiently redeploying our capital and maximizing shareholder value.

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