Baltimore’s city-owned Hilton posts record losses, leaving taxpayers with hotel debt

The city-owned Hilton Baltimore Inner Harbor recorded its worst financial year since opening, despite charging its highest average room rate. Its weak performance leaves Baltimore taxpayers responsible for much of the debt used to build the hotel, raising questions about whether the project has delivered the revenue and visitor numbers promised.

The 757-room hotel had 52.3 per cent occupancy in 2025, down from a peak of 71.7 per cent in 2013, while revenue per available room fell to $106.60. The city has spent or refunded $143.7 million to support the property, and most of the roughly $300 million in original bond debt remains unpaid. Downtown hotels averaged 55.7 per cent occupancy; the hotel’s overseer says revenue is improving in 2026, while a nearby 212-room luxury hotel is planned.