A U.S. bankruptcy court judge approved a plan by the owner of Baltimore’s Hotel Monaco to liquidate the property.
The approval allows Baltimore & Charles Associates, managed by Philadelphia’s Arc Wheeler, to convert the downtown property into three separate parcels and sell them individually. The company spent around $65 million to acquire and renovate the property.
As part of the restructuring plan, an affiliate of Kimpton Hotels plans to buy the hotel portion at 2 N. Charles St. for $33 million. Kimpton manages the 208-room hotel, located inside the historic B&O Building.
The remaining office and retail space would be sold to an affiliate of Bethesda-based Kenwood Management Co., for another $1.3 million, said Baltimore & Charles attorney Lawrence Yumkas, of Annapolis firm Yumkas, Vidmar, Sweeney & Mulrenin, LLC
The building is valued at $36.8 million, according to the Maryland Department of Assessments and Taxation.
The operation of the hotel and the B&O Brasserie that also opened in the B&O building should not be affected by the plans.
Ryan Sharrow, Staff
Baltimore Business Journal