Associate Editor- Baltimore Business Journal
Two distressed hotel properties near Baltimore/Washington International Thurgood Marshall Airport could become investment opportunities this week.
The national auction website Auction.com on Tuesday is scheduled to start a two-day bidding period on non-performing loans for hotel buildings at 6055 Belle Grove Road and 6921 Baltimore-Annapolis Blvd. near the airport.
Non-performing loans provide opportunities for investors to either work with borrowers to put loans back on good terms or foreclose on the properties.
The building at 6921 Baltimore-Annapolis Blvd. is a 185-room former Comfort Inn. There is an unpaid balance of $14.08 million on the loan. The starting bid is $500,000.
The property at 6055 Belle Grove Road is 145-room hotel called Sleep Inn & Suites Airport. It has $8.08 million remaining on its loan and a starting bid of $1.25 million.
Prospective bidders must log onto Auction.com. The auction is scheduled to end Thursday.