District Hospitality Partners, a privately held hospitality investment group that owns properties nationwide, announced Thursday the acquisition of the Westin Annapolis.
Located in historic downtown Annapolis, the 225-room property provides guests convenient access to popular attractions, including the United States Naval Academy, Navy-Marine Corps Memorial Stadium, Maryland State House, and Chesapeake Bay.
“The Westin Annapolis is an iconic asset in the Annapolis hotel market and a perfect fit for our portfolio as we continue to accelerate our acquisition pace,” said Fred W. Malek, CEO of District Hospitality Partners. “The property is located in a growing market with high barriers to entry and benefits from the balanced strength of its group and transient customers. Properties with high cash flow in strong markets are the type of assets we are looking for to increase our hospitality presence.”
The Westin Annapolis underwent a comprehensive renovation in 2020 for all its guest rooms, including case and soft goods, and modernization of the guest bathrooms. District Hospitality is planning a significant renovation to the bar, restaurant, and lobby.
HEI Hotels & Resorts, a nationally recognized hotel management firm, will continue to manage the asset. Eastdil Secured served as the debt placement advisor, and Wells Fargo provided the financing.