Annapolis Holiday Inn Express Sold To GA, VA Companies: Report - Patch.com

ANNAPOLIS, MD — The Holiday Inn Express & Suites Annapolis was sold recently to companies from Georgia and Virginia, a press release said.

The buyers announced the sale last month, but they did not mention the purchase price of the Parole hotel. Maryland property records do not yet list the transaction. The database estimated, however, that the hotel was worth $4,645,400 as of last July.

The current owner, the Annapolis Hospitality Company, has held the 1.48-acre site for nearly 22 years. It bought the hotel for $2,450,000 in April 2000, records show.

Octave Opportunity Fund, an arm of Octave Holdings and Investments, said it purchased the hotel alongside Loudon Hospitality Management.

Octave is a privately-owned real estate investor that's based in Alpharetta, Georgia and specializes in shopping centers. The business said it owns, operates and/or manages more than 30 commercial properties in six states worth over $350 million.

The release said Loudon Hospitality Management, also known as LHM, will run the Annapolis hotel.

LHM is headquartered in Ashburn, Virginia. Its properties span the East Coast, but they are concentrated in Maryland, Virginia and West Virginia. The company said its portfolio includes franchised hotels from brands like:

• Best Western International
• Choice Hotels
• Hilton Hotels Worldwide
• Hyatt Hotels Corporation
• IHG Hotels & Resorts
• Marriott International

Octave and LHM said they will continue to work with IHG, the parent company that owns several hotel chains including Holiday Inn Express.

"We are pleased to partner with LMH to acquire this premier property that aligns with our investment criteria and provides the opportunity to work with a great brand like IHG," Octave Co-Founder and CEO Sridhar Marupudi said in the Jan. 31 press release.

The Holiday Inn Express & Suites is located at 2451 Riva Road. It sits just off U.S. Route 50, and it neighbors the Annapolis Town Center.

Property records said the 27,000-square-foot hotel was built in 1983. The inn features 79 rooms that are all a short walk from the Westfield Annapolis mall.

"We see a great opportunity to work with Octave and to leverage our combined strengths to successfully grow the property," LMH CEO Pravin Katodia said.

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