BISNOW EXCLUSIVE: INNER HARBOR HOTEL ABOUT TO TRADE
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|Modus Hotels' Aaron Katz tells Bisnow his firm is days from closing on an Inner Harbor hotel. Once it's a done deal, he'll reveal which one but we can tell you that Modus specializes in upscale boutiques, so some vacationing family soon will go to bed on cotton sheets and wake up on silk.|
|That's Aaron in his DC office yesterday. He tells us the Baltimore acquisition is an operational-efficiency play to complement Modus' one Philly and seven DC hotels. Baltimore, he says, is loaded with flagged properties but doesn't have much in the way of upscale boutiques. Can Baltimore demand justify another luxury hotel? Aaron tells us his firm avoids overdesigning, and the Baltimore property will price at about $150/night. Modus, which also owns a Chicago hotel, launched in February '11 and is part of DC hotelier Conrad Cafritz's Potomac Hospitality Services.|