Radisson Hotel Cross Keys Trades for $17M

ARLINGTON, VA-Interstate Hotels & Resorts and an affiliate of Maryland-based Meisel Capital Partners have formed a joint venture to purchase the Radisson Hotel Cross Keys in Baltimore. The 147-key property was acquired from affiliates of the Blackstone Group for $17 million.

In this deal, Interstate will hold 15% ownership; a structure the company sometimes takes depending on the transaction, Leslie Ng, Interstate’s chief investment officer, tells GlobeSt.com. “We’ve done business with the Meisel family before and we like them. Also, part of our strategic plan is to diversify our earnings base working with capital partners in joint ventures.”

Interstate’s share of the acquisition is $750,000, which includes a portion of the $1.5-million renovation that the new owners are planning. Interstate has operated this property since 1998. When it closed on its ownership, it also executed a new long-term management agreement.