Acquisition & Conversion Financing
B & O Hotel Monaco
196-key boutique hotel and 87,000 square feet of office space
The 220,500 square foot, 13-story building was once one of the premier office buildings of Baltimore and the historic former headquarters the B&O Railroad. The impressive building includes granite from New Hampshire, Bedford stone from Indiana, terra cotta tile trim, and seven different kinds of marble imported from six countries representing four continents. In 2001 the City of Baltimore’s Commission for Historical and Architectural Preservation and the Maryland Historical Trust designated the B&O Building one the city’s ten most historically consequential buildings.
Once completed, the building will be comprised of 1/3 office space and 2/3 hotel and restaurant. The historic beauty of the exterior, first floor and central core will be refurbished but unaltered.
“The B&O acquisition was interesting and challenging in that there were tax credits to consider in addition to the conversion into a hotel,” said Andrew Benioff, now founder and senior managing partner of Llenrock Group LLC. “However, we knew we were up to the challenge because of the deep development and renovation experience of the team ARCWheeler Development.”