CoStar Group reports that Laurus Corp., the Los Angeles-based private real estate investment and development firm affiliated with investment firm Ethika Investments, has acquired the Baltimore Hunt Valley Inn in Hunt Valley, Md., with the intention to convert it into a Wyndham Grand.
The purchase price was not disclosed. The new owner plans to invest $9.5 million to renovate the hotel.
Aafter which it will become part of the Wyndham Grand Collection with 393 guestrooms and 33,000 square feet of meeting space.
Philip Cyburt, CEO of Laurus Corp., cited the property's strong cash flow, location and unencumbered debt status as reasons for the acquisition. The Hunt Valley Inn is the fourth acquisition Laurus has made with backing from the Ethika Fund.
Other recent acquisitions include two Hilton hotels, one in Kansas City, Mo., and one in San Antonio, and the Sofitel Miami Hotel in Florida.