District Hospitality Partners Acquires Westin Annapolis
Full-service property adds to the firm's growing national portfolio of upscale hotels
District Hospitality Partners, a privately held hospitality investment group that owns properties nationwide, announced today the acquisition of the Westin Annapolis.
Photo by District Hospitality Partners
Located in bustling 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. Guests can watch the sailboats while strolling along the Annapolis Waterfront or visit historic Annapolis. The property is walkable to over 90 independent stores and restaurants, only 30 miles from two major Mid-Atlantic metro areas (Washington D.C. and Baltimore), and less than a 45-minute drive from Ronald Regan Washington National and BWI airport.
"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, 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 modernizing the guest bathrooms. District Hospitality is planning a significant renovation to the bar, restaurant, and lobby.
With 13 event spaces encompassing over 19,000 square feet of meeting space, including two kitchens, the hotel offers the most meeting space of any venue in Annapolis, allowing the property to host the premier corporate and life cycle events in the market. Additional amenities include spacious modern rooms, free Wi-Fi, a fitness center, and an indoor pool.
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.
About District Hospitality Partners
District Hospitality Partners is a privately held investment group uniquely positioned to reimagine the hospitality industry and accelerate its recovery and growth. District Hospitality owns, operates, and invests in the future of hospitality. Our mission is to unlock sustainable, resilient growth and long-term value for our investors and our partners through disciplined and conservative hospitality investments generally made on an opportunistic basis. For more information, please visit districthp.com.
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment and management company that owns or operates approximately 100 luxury, upper-upscale and upscale independent and branded hotels and resorts throughout the United States. HEI's branding partners include Marriott, Hilton, Hyatt, IHG, Choice and Wyndham. The company is renowned for its commitment to its associates under the culture of HEI Loves, its revenue management, profit contribution and empirically based real estate value creation, driven by a full complement of proprietary software tools to set and exceed targets on a fully integrated basis. HEI works hand-in-hand with institutional capital partners on existing assets under management as well as sponsored acquisition opportunities. The company has ample equity capital and strategically co-invests with its partners on many transactions. To learn more about HEI, please visit www.heihotels.com.