LOCATION Downtown Baltimore, Maryland
TYPE OF OWNERSHIP Public/Private Partnership
OPENING DATE February 2001
As a principal, JMS was part of a two man team that capitalized this 750-room, full-service convention hotel and negotiated the complex public-private transaction with the City of Baltimore. Development capital included substantial equity and a traditional construction loan.
- Casual market restaurant
- Specialty steakhouse/bar
- Specialty restaurant
- Specialty coffee outlet
- Living room lounge/bar
- 47,000 square feet of banquet/meeting space including a 19,300 square foot Grand Ballroom
- Concierge lounge
- Convention entrance & lobby
- Business Center
- Indoor pool and health club
- Retail shop
The city of Baltimore had recently expanded its convention center to enhance the Inner Harbor waterfront, becoming more competitive with other first tier convention destinations. The city and its Baltimore Development Corporation (BDC) decided to solicit the development of additional quality hotel rooms in the downtown Inner Harbor area and held a competition for a new convention hotel.
The winning development team included a local prominent land owner and a nationally renowned minority developer who had expertise with Minority and Women Business Enterprise (MBE/WBE) participation in public/private partnerships. The partnership's proposal for a 4-star multi-market convention hotel was selected as the winner by the Mayor and the BDC, thereby qualifying for public investment. In addition, the hotel site is located within a Federal Empowerment Zone.
The $129 million hotel project received public investment consisting of a $5 million grant, a $5 million low interest loan, a training grant, a Payment In Lieu Of Taxes (PILOT) 25-year tax abatement, and various street and waterfront improvements.
Public investment in the project including the value of the PILOT was approximately 29% of the total.
The private investment was financed with a mortgage loan and significant equity from the development team.
The Marriott is Baltimore's largest hotel and the only significant hotel located directly on the waterfront.