Kevin and Scott Plank, owners of the Sagamore Pendry luxury hotel in Baltimore, have sold their ownership stake in the establishment to Montage International, a California-based hospitality management company.

The Plank brothers and Montage International did not disclose details of the deal, which was first reported by The Baltimore Sun on Thursday, or what the sale means for the hotel. The Planks opened the hotel in 2017 in partnership with Montage International.

Kevin Plank, who founded Under Armour and returned last year as its CEO, and also owns investment firm Sagamore Ventures, said in an emailed statement he was “immensely proud” of the hotel.

“It has been an amazing experience and, with my continued focus on leading Under Armour, I am excited to pass the torch to Alan [Fuerstman], Michael [Fuerstman] and the Montage team as they guide Pendry Baltimore into its next chapter.”

Under Armour slashed its expected fiscal year 2026 profits in half compared to the prior year, and Kevin Plank has urged investors to stick with the company while it rediscovers its identity.

The Sagamore Pendry is a 128-room boutique hotel on Thames Street in Fells Point. Its glamorous rooms, dining area, whiskey bar for Sagamore Rye, pool, ballroom and meeting spaces earned the hotel a Michelin Key, a signal of “a very special stay.”

Originally built in 1914, the beaux arts-style building and the pier it sits on were used for storing port cargo. It later became a community center and had a stint as the television studio for “Homicide: Life on the Street” in the 1990s.

But for 15 years before its redevelopment as a hotel, it was the vacant, crumbling Recreation Pier.

Construction began in March 2015, and the developers spent $60 million on the property, according to The Baltimore Sun. Scott Plank’s real estate development firm, War Horse LLC, played a role in transforming the property.

It tapped Baltimore-based Whiting-Turner Contracting Company as lead construction contractor, and the interior of the hotel was designed by Patrick Sutton Interior Design, a Baltimore firm.

According to details on the project from War Horse LLC, “a pier under the pier” had to be built, and parts of the building were restored and renovated.

“It has been deeply rewarding that The Sagamore Pendry Hotel has become such a vital part of Fells Point and the waterfront,” Scott Plank said in an emailed statement. “With pride, I hand the reins over to the Pendry team, who I know will continue to honor both the hotel and the city we love.”

The Sagamore is managed by Montage Hotels and Resorts, and sits under Montage’s Pendry collection, a label for contemporary, luxury boutique hotels. The Baltimore hotel was the second property to open in the Pendry collection.

When the hotel opened, rooms were booked for around $360 per night, according to The Sun. The room rate is often far higher now.

“We look forward to continuing to serve as an integral part of Baltimore’s vibrant community,” said Alan Fuerstman, founder and CEO of Montage International, in a statement.

Kevin Plank’s Sagamore Ventures invested in the Sagamore Pendry and the redevelopment of Port Covington, now called Baltimore Peninsula, where Under Armour is headquartered.

In 2023, Kevin Plank sold a majority stake of the rye whiskey company Sagamore Spirit to the parent company of Disaronno, Illva Saronno Holding S.p.A. He briefly listed his Baltimore County horse farm for sale last year for $22 million.