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HILTON BWI'S RECAP

Baltimore
HILTON BWI'S RECAP
Here's the story of a good building financed by what became a beaten-down bank. Spoiler alert: The Hilton BWI has been recapped with a $36M loan from PCCP and equity from an AllianceBernstein-led JV. Here's what happened in between.
Hilton BWI
When the market crashed almost five years ago, Anglo Irish Bank was nationalized and sold a portfolio of US loans—including one on Buccini/Pollin Group's Hilton BWI and one on Justison Landing, a mixed-use apartment community in Wilmington, Del.—to private equity firm Lone Star Funds. Then BPG, lender PCCP, and AllianceBernstein worked together to acquire the pair back.

HILTON BWI'S RECAP
The hotel's path may have been complicated, but the underlying property, at 1739 W Nursery Rd in Linthicum Heights, is performing well. Built in '06, it's approaching the time for the first round of property improvements, but it's a full-service, 280-room hotel where occupancy and room rates have continued to improve, backed by a growing submarket, Hilton's rewards program, and strong management.