WestCap Investments Corp., a capital pool company, has entered into a purchase and sale agreement to acquire the Red Roof Inn located in Linthicum Heights, Md. The three-story property has 132 rooms, was built in 1986 and renovated in 2013. The hotel was purchased for $8.5 million.
The property is located close to major regional roadways including interstates 95, 295 and 695 and is approximately 1.5 miles northwest of the Baltimore Washington Thurgood Marshall Airport.
WestCap intends to satisfy the purchase price through a combination of cash and the issuance of Class B units of a subsidiary US LP. WI paid a refundable deposit in the amount of $20,000, which will become non-refundable upon satisfaction or waiver of WI's due diligence condition in respect of the acquisition.
The sellers of the hotel are R-Roof Assets, LLC and RRI BWI, LLC