Starwood Lodging Trust and Starwood Lodging Corp. announced yesterday the purchase of the Holiday Inn Calverton for $11.5 million in cash.
The Los Angeles-based real estate investment and related management firm bought the 206-room hotel, which opened in 1987, for roughly 75 percent of what it would cost to build the property today.
Starwood plans to close on the purchase of the Beltsville hotel, 12 miles north of downtown Washington and 37 miles south of Baltimore, later this week.
The Holiday Inn Calverton marks Starwood's second deal this month in the Washington area. On Nov. 13, Starwood announced plans to buy the 263-room Grand Hotel in the District of Columbia for $33 million. That price, however, includes a $19.5 million mortgage acquired from the Resolution Trust Corp., the federal agency charged with liquidating the assets of failed savings and loans.
In all, Starwood owns stakes in 48 hotels containing 10,400 rooms. Since its $271 million joint initial public offering in July, Starwood has acquired seven hotels with 2,350 rooms for $180 million.