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Fraud Lawsuit and Foreclosure Auction Entangle Baltimore's Residence Inn at Johns Hopkins
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Fraud Lawsuit and Foreclosure Auction Entangle Baltimore's Residence Inn at Johns Hopkins
The Residence Inn, an East Baltimore hotel, the subject of a fraud lawsuit involving developer Ronald Lipscomb and a group of Chinese investors, was sold at a recent foreclosure auction for a fraction of its original cost, leaving a $47 million investment in jeopardy. The 15-story Residence Inn, which opened in 2017 with significant foreign capital and taxpayer backing, recently sold for just $10 million at auction, a steep decline from its esti…
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