Developer Richard Naing Is Retiring, Selling Hotel Portfolio
Richard Naing is retiring from his firm, RWN Development Group, after 44 years in the business, and has decided to sell off his properties before he hangs it up.
RWN is selling its Maryland portfolio, which includes two historic Baltimore hotels, The Hotel Brexton and The Inn at The Colonnade. The remaining properties up for sale are:
- The Court Square Building, built in 1929, at 200 E. Lexington St.;
- The former Hammerjacks buiding at 316-318 Guilford;
- Mount Vernon Apartments, 16 renovated apartments at 902-904 St. Paul St.;
- District Courthouse at 310 Gay St. in Cambridge; and
- Four commercial waterfront offices at Pierside.
Naing's $7.6M renovation of The Hotel Brexton, childhood home of Wallis Simpson, won a Baltimore Heritage Preservation Award in 2010.
The sale also includes an adjoining townhome at 913 Tysons St. Following the sale, Naing plans to return to his native Myanmar (formerly Burma) to assist developers there. He's considering both sales and joint ventures, as well as an exchange for Florida real estate or a yacht.