PIKESVILLE, MD – OCTOBER 30, 2018 – Blue Ocean strategically expands its real estate portfolio by acquiring its first hospitality project – the 171 room, DoubleTree by Hilton Hotel and Conference Center in Pikesville, MD. In addition to the hotel, the 10-acre site also includes a 50,000 square foot indoor tennis and fitness facility, as well as 32,000 square feet of office and retail buildings.
Located at 1726 Reisterstown Road in Baltimore County, the well-placed property sits at the intersection of Interstate 695 and Reisterstown Road (State Highway 140). This strategic location provides unparalleled convenience and access for the mix of patrons that frequent the site, as well as exposure to over 220,000 commuters per day.
This latest acquisition reflects Blue Ocean’s strategy to further diversify its portfolio, while highlighting the most stable and irreplaceable properties that the Mid-Atlantic market has to offer. The property is poised for various improvements and renovations through a substantial redevelopment program that Blue Ocean intends to implement in the coming months.
Blue Ocean President Jonathan Ehrenfeld states, “The DoubleTree project provides Blue Ocean with secure and valuable diversification beyond traditional multi-family and industrial investments. We are excited to enhance this project and to provide Baltimore with a premier hotel and event space experience. Our team is dedicated to unlocking the amazing potential that this property has to offer Baltimore and the surrounding region.”
As part of the immediate improvement plans, the hotel and conference center will receive substantial renovations. Additional planning and development are underway to breathe new life into the tennis, fitness, office, and retail facilities. Details regarding those renovations as well as the innovative retail and dining experiences within the DoubleTree by Hilton Hotel and Conference Center will be forthcoming in the near future.
Blue Ocean was assisted in the acquisition by commercial real estate professionals, Steven Cornblatt and Gary Olschansky of Trout Daniel & Associates. The ‘off-market’ transaction was made available through the connections of the organizations’ vast network. Leasing and consulting services by Trout Daniel & Associates are expected to continue as the project evolves in the coming years.
About Blue Ocean:
Blue Ocean is a property management company in Baltimore, MD that is active in syndicating, purchasing and managing investment grade real estate assets in the multifamily, office, retail and industrial sectors. The Company was founded in 2004. Since that time Blue Ocean has grown its portfolio to over 27 properties valued at over $425,000,000. The Blue Ocean portfolio consists of approximately 3,700 apartment homes and 2,000,000 square feet of commercial space.