Commission Approves $305M Convention Hotel Bonds

BALTIMORE-The City of Baltimore has just given plans for the construction of a 752-room Baltimore Convention Center headquarters hotel a big shot in the arm with its recent approval of bills to pave the way for the issuance of revenue bonds that will likely be in the amount of $29.8 million for the $305-million project. However, the commission left some leeway for the development, signing off on the potential issuance of as much as $305 million in tax-exempt AAA insured bonds. The long-awaited Hilton Hotel property will be owned by the city; the bonds will be secured by the hotel’s net revenues, a mortgage on the hotel and contributions from the city.

For years, Baltimore city officials have been pushing the idea of building a convention center hotel to make up for a dearth of rooms near the center and to attract even more large meetings to the site. The size of the 26-year-old property nearly tripled to 1.2 million sf under a $151-million renovation in 1997. Plans call for the new Hilton Hotel to be physically connected to the convention center via an enclosed skywalk. Ultimately, in addition to its four-star guestrooms, the hotel will feature 62,000 sf of meeting space, structured parking to accommodate 600 vehicles and open spaces.