A History of the Lord Baltimore Hotel. (Part Three: 1982-1999)

1982: The Lord Baltimore Hotel is closed for extensive renovations lasting over a year: July 25 1982 Sunday Sun LBH feature

1982: The hotel applies to, and is placed on the National Historic Registry: Natl Reg of Historic Places LBH

1983: Developer Saul Perlmutter leads a partnership that buys the Lord Baltimore Hotel.

April 27, 1991: FDIC says hotel to be auctioned due to developer default: LBH partnership in default, to be sold

“The historic hotel, built in 1926 and renovated by Mr. Perlmutter in 1985, isn’t a stranger to financial trouble, said Mr. Cooper, whose grandfather auctioned off the building more than 20 years ago.

The loan was originally made by Yorkridge Savings & Loan Association to finance the renovation but was sold later to a New York thrift. The FDIC inherited the note in 1987 when it took over the New York thrift.

The 24-story hotel has 440 guest rooms, two full-service restaurants and other facilities. Its full name today is the Radisson Plaza Lord Baltimore Hotel, and it is located at Baltimore and Hanover Streets in downtown Baltimore.

The partnership that owned the hotel filed for bankruptcy protection in 1987 and went through a reorganization that was approved by a U.S. Bankruptcy Court judge in 1989. The partnership originally bought the hotel in 1983.

The hotel is also subject to liens other than the FDIC’s, Mr. Cooper said.”

November 26, 1991: Lord Baltimore Hotel to be auctioned: LBH scheduled for auction

“The federal government will put a piece of Baltimore history on the auction block Jan. 27, as the Federal Deposit Insurance Corp. will try to sell off the Radisson Lord Baltimore Hotel.

The partnership that nominally owns the hotel, LBH Associates of Rockville, has defaulted on loans to the city of Baltimore and Bowery Savings Bank of New York, which has been taken over by the FDIC. Baltimore is owed about $7 million.

Paul R. Cooper, vice president of Alex. Cooper Auctioneers Inc. in Towson, which will conduct the auction, said the city isn’t likely to get its money back.

“If they’re junior to this [Bowery] note, they’re definitely history,” he said.

Mr. Cooper said yesterday he did not know the balance of the FDIC’s loan to the project.

But in April, when the hotel was scheduled for a May auction that was canceled at the last minute, he said the balance was about $22 million.”

January 27, 1992: Federal Deposit Insurance Corp. buys hotel: FDIC buys LBH

“The Federal Deposit Insurance Corp. bought the Radisson Plaza Lord Baltimore Hotel at auction yesterday for $6.85 million, closing the books on a failed effort to restore the 66-year-old hotel to its glory days.

The FDIC put the property up for auction after LBH Associates L.P. of Rockville defaulted on a $16 million promissory note from Bowery Savings of New York. The federal agency will take title to the hotel after a Circuit Court judge in Baltimore certifies the sale.”

December 1, 1992: Lord Baltimore Hotel auctioned on fourth effort: LBH sold for $8.5 million

“After three strikes you’re out in baseball, but it looks like the Federal Deposit Insurance Corp. has finally managed on the fourth try to auction off the Radisson Plaza Lord Baltimore Hotel.”

January 30, 1997: Lord Baltimore Hotel sold to Hilton: LBH to become Hilton Hotel & Towers

“The Lord Baltimore, the historic hotel that went from fashionable downtown destination to bankruptcy and back again, yesterday became the Baltimore Hilton & Towers after a Memphis, Tenn., hotel company teamed with an investors group to purchase the hotel.

Prudential Real Estate Investors and Memphis-based Davidson Hotel Co. bought the 68-year-old hotel from Universal Equities Group Ltd., a Washington-based investment group that had owned it since 1992.

Sources said the joint venture paid $28 million to $30 million for the 419-room hotel — more than triple the $8.5 million Universal paid for it less than five years ago. The deal is seen as a reflection of a dramatic rebound and renewed confidence in the city hotel market.”

1999: Last Busick son dies: Morton S Busick obituary

“Morton S. Busick, a well-know Baltimore hotelier and former vice president of the Lord Baltimore Hotel Co., died Sunday of pneumonia at Union Memorial Hospital. He was 92 and a resident of Roland Park Place.

Mr. Busick was the last surviving member of his generation of a family that had been associated with Baltimore hotels since the early part of the century. His father, Harry Busick, owned the Caswell Hotel at Baltimore and Hanover streets, which opened a year after the Great Baltimore Fire of 1904. His other holdings included the New Howard Hotel and the Hotel Condon.

Harry Busick closed the Caswell Hotel in 1927 and erected on the site the 17-story Lord Baltimore Hotel, with accommodations for 1,200 guests. When the hotel opened in December 1928, Gov. Albert C. Ritchie was the first to sign the hotel’s register.”

Advertisements