The purchase price has not been disclosed; however, Urgo developed the hotel for approximately $28 million, according to a Winter 2004 report published by the city's economic development entity the Baltimore Development Corp. Three years ago the Board of Estimates originally signed off on the tax package--a tax break arrangement in the form a 10-year payment in lieu of taxes, or Pilot agreement--which allowed Urgo to build the hotel. The move had faced opposition from preservationists against the demolition of an and eight-decade-old office building that was on the site.

Located at 17 Light St. near the Baltimore Convention Center and sports venues Orioles Park at Camden Yards and the Ravens' M&T Bank Stadium, the area Residence Inn is the first all-suite lodging facility in the city's Inner Harbor. The 15-story structure was designed by the architectural firm of Brennan Beer Gorman Monk Architects & Interiors PLLC, and features 1,500 sf of meeting space, a fitness facility, a library and a business center.

While the board has already signed off on the tax transfer, it still has business to complete on the matter. On the subject of RLJ's plan to buy the hotel, it is noted in the board's planned agenda for its September 21 meeting that, "This action will require the execution of the estoppel certificate for the profit sharing agreement, which is part of the Pilot. The terms of the Pilot and the profit sharing agreement remain unchanged."