Vivo Investment Group Plans Hotel-to-Multifamily Conversion
The firm has acquired a hotel complex in Baltimore's Inner Harbor neighborhood and plans to convert the property to meet housing demand in the area.
BALTIMORE, MD – Private real estate investment and management company Vivo Investment Group has acquired the dual-branded Holiday Inn and Radisson Hotel complex in downtown Baltimore, MD. The firm plans to convert the two-tower, high-rise property into a multifamily community to meet housing demand within the area.
Situated at 105 W. Fayette St. in the city’s Inner Harbor neighborhood, the vacant hotel complex occupies an entire city block.
The company will rebrand the property as Vivo Baltimore. The converted multifamily property will offer studio, one- and two-bedroom floorplans with class A amenities.
Vivo Baltimore will additionally offer more affordable rents compared to median rents in the area.
“Some renters in Baltimore are spending 50% of their income on rent,” says Dan Norville, Vivo founder and CEO. “It’s expensive to live in Baltimore’s Inner Harbor where many can walk to their jobs. We are trying to provide that solution by offering naturally occurring affordable rents in a newly renovated high-rise complex.”
The first 23-story tower was originally constructed in 1967 as a Statler-Hilton Hotel, before the second 27-story tower was constructed in 1974. Since then, the hotel complex has been operated under various brands. Most recently, in 2018, the property commenced operations as a Radisson and Holiday Inn. The Radisson closed earlier in 2020 and the Holiday Inn remained partially open until March 2022.
For the conversion, Vivo will focusing on creating lifestyle amenities and building community for residents. The firm will convert the hotel meeting space and ballrooms into co-working space, private offices, a tenant lounge and a movie theater. The firm will utilize the properties existing rooftop pool, work-out facilities and subterranean parking.
“By replacing the struggling hotels with much needed affordable quality housing, Vivo Baltimore will serve to energize the neighborhood with full-time residents who will live, work, shop and eat in the area,” says Vivo partner and CIO Brett Tanimoto. “Historically these residents would be priced out of the Inner Harbor CBD and would commute long distances increasing their transportation costs and environmental footprint.”
“The property is located in one of the most walkable and accessible neighborhoods within Baltimore with a walk score of 99 out of 100,” says Vivo principal Joseph Soleiman. “It is across the street from Royal Farms Arena, which is going through a $150 million renovation by its operators the Oak View Group and Thirty Five Ventures, the investment company of NBA player Kevin Durant.”