Hospitality | Tourism 2023: THOMAS J. BALTIMORE JR.

Baltimore joined the lodging real estate investment trust in 2016, shortly before its 2017 spinoff from McLean-based Hilton Worldwide Holdings. He has led the company through some of its toughest times as the pandemic squelched business and leisure travel.

Park continues to bounce back from the pandemic-related downturn, reporting $2.5 billion in 2022 revenue, up about 80% from $1.36 billion in 2021. Park reopened all previously suspended hotels and reinstated its quarterly dividend in 2022.

The San Francisco hotel market, however, remains difficult. In June, Park stopped making loan payments on debt secured by the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco. Baltimore said in a company announcement that “San Francisco’s path to recovery remains clouded and elongated by major challenges,” including empty offices and weak convention bookings.

Baltimore, who received his undergraduate degree and MBA from the University of Virginia, previously was president and CEO of RLJ Lodging Trust. He co-founded RLJ Development, RLJ’s predecessor entity, and served as its president from 2000 to 2011. He sits on the boards of American Express and Comcast.