Blue Ocean will soon enter into the hospitality segment of investment real estate with the acquisition of the DoubleTree by Hilton hotel in Pikesville, MD this fall. The DoubleTree by Hilton will be the first hotel to join Blue Ocean’s growing portfolio.
The 171-room hotel, located at 1726 Reisterstown Road, is currently owned and operated by the Pikesville Hotel Limited Partnership, a division of the Mangione Family Enterprises. The acquisition by Blue Ocean will also include the adjacent office, retail, and tennis/fitness buildings.
“We are anxious to roll up our sleeves and invest the time, energy, and financial resources necessary to improve the property in a very meaningful way,” said Jonathan Ehrenfeld, Blue Ocean President to the Baltimore Business Journal.
“The property’s location is especially unique and brings with it all kinds of potential and possibilities,” Ehrenfeld also said. “Pikesville has always been ‘a favorite’ for us. We see a lot of upside in the suburban community – from its historic charm, to its stable business community – as well as shopping, dining and entertainment options.”
Blue Ocean specializes in syndicating, acquiring, and managing investment real estate in the Maryland market. The company carefully selects properties ripe for repositioning and invests the necessary time, resources and expertise necessary to improve them. As a result, Blue Ocean has delivered extraordinary returns to its partners and co-investors.
For more information about the DoubleTree by Hilton acquisition, reference the recent article published by the Baltimore Business Journal.
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 35 properties valued at over $400,000,000. The Blue Ocean portfolio consists of approximately 3,700 apartment homes and 2,000,000 square feet of commercial space.