A new investor has entered Baltimore’s real estate market, and she’s planning a Revival for one part of town.
An heir to the Wal-Mart fortune and granddaughter of company founder Sam Walton, Alice Walton Proietti, 37, is an investor behind the renovation of the newly-named Hotel Revival in Mount Vernon, according to local hotel industry executives and others familiar with the project.
Sam Walton, the founder of both Walmart and Sam’s Club, died in 1992. Sam Walton’s youngest son, Jim Walton, is Proietti’s father.
This is the first time Proietti, who doesn’t live in Maryland, has invested in a commercial property in Baltimore, other than a Wal-Mart or Sam’s Club store. Her investment in Mount Vernon is a sign that out-of-towners see Baltimore as a good place to invest.
There have been other big name investors in Baltimore hotels in recent years. Actor Woody Harrelson was an investor in a Baltimore hotel until January 1, when the Inn at the Black Olive closed permanently. The building at 803 S. Caroline Street is now being converted to apartments. A few years ago, the Rubell Family bought the Lord Baltimore Hotel and invested millions of dollars on a top-to-bottom renovation.
The 104-room hotel at 612 Cathedral Street was purchased in early 2015 by an entity called LL Pro Hospitality Baltimore LLC. Proietti is a member of the limited liability company.
The ownership team recently renamed the building Hotel Revival Baltimore, a Joie de Vivre Hotel, and is renovating it in preparation for a reopening in the fall. The hotel is being managed by Commune Hotels and Resorts as part of its Joie de Vivre portfolio.
Alice Proietti’s husband, Joseph Thomas Proietti, is a 2006 graduate of the University of Baltimore School of Law, less than a mile from the hotel. Both he and Alice Proietti have made sizeable donations to the school over the years, according to annual reports. The Walton Family Foundation also has made donations to the school. The couple married in 2009. Alice Proietti’s sister-in-law, Tracy Proietti, is a member of the management team at the hotel.
Sam Walton’s surviving children — Rob, Jim, and Alice — annually appear on the Forbes magazine list of the wealthiest people in America. The Waltons are the richest family in America as a result of their control over Wal-Mart, the world’s largest retailer.
According to records on file with the city, the mailing address for LL Pro Hospitality Baltimore LLC is in Bentonville, Arkansas. LL Pro Hospitality Baltimore LLC has both a P. O. Box and a street address there. Wal-Mart has its headquarters in Bentonville.
Closing party for Barnes & Noble in Towson
Barnes & Noble Booksellers is having a farewell party for its Towson store, which is closing on Saturday, June 10. Events include movie and music trivia contests, a costume contest and a dance party.
The store is closing due to construction planned around the Towson location at York and Joppa roads.
Bromo Seltzer tower to be rededicated Saturday
A formal rededication ceremony for the Bromo Seltzer Arts Tower, following a comprehensive restoration, will be held on Saturday, June 10, starting at 11 a.m.
Sandlot opening at Harbor Point the week of June 12
The opening of Sandlot Baltimore, the food and beverage spot that Spike Gjerde and Corey Polyoka of Foodshed are creating at Harbor Point, has been moved to the week of June 12, to give the builders time to complete construction and make sure everything is operational.
Rash Field planning meeting set for June 15
A public meeting about renovations to Rash Field will be held on June 15 from 6 to 8 p.m. at the Baltimore Visitor Center on the West Shore of the Inner Harbor.
Tuesday Morning to leave Belvedere Square for Towson
Tuesday Morning, a discount home goods retailer, is leaving Belvedere Square and moving to Towson.
According to the Baltimore Business Journal, the store is closing June 25 at Belvedere Square and will open June 30 in the former hh gregg store in the Towson Shopping Center.