197-Room Annapolis Hotel Finds $18M Buyer

ANNAPOLIS, MD-It is not quite a done deal yet, but Highland Hospitality Corp. has put itself in a position to become the new owner of the Sheraton Barceló Annapolis hotel by signing a definitive agreement to acquire the 197-room property for $18 million. Lodging REIT Highland would be taking the property off the hands of Grubarges Annapolis LLC, an offshoot of the Madrid, Spain-based joint venture involving construction company Grucycsa, hotel company Barceló and Spanish bank BBVA.

Pyramid Advisors has been serving as the asset manager on behalf of the JV members, one of which acquired Sheraton Annapolis in 2000 as part of a $325-million, 16-hotel deal. That member, Barceló, instituted a $4.5-million renovation of the property in 2001. As per Anne Arundel County records, the property has a current assessed value of approximately $14.8 million.