Reliable Group buys Hyatt Commercial real estate in Annapolis

One of the best-known names in Anne Arundel construction announced Wednesday it bought one of the best-known names in Annapolis commercial real estate.

The Reliable Group, a commercial real estate firm recently formed under The Reliable Cos. of Gambrills, has purchased Hyatt Commercial, a subsidiary of Severn Bank.

“We feel that we have comprised a strong group of partners to build an exceptional real estate experience for all of our clients,” Reliable Group managing partner Jay Baldwin said in a statement released by the company Wednesday.

Terms of the sale were not released. Two Hyatt Commercial executives have been tapped to lead the new companies.

Joe Brown was named president of Hyatt Commercial Property Management and Justin Mullen was elevated to president of Hyatt Commercial. As chairman of Severn Bank and an attorney deeply involved in commercial real estate development in Annapolis, Alan Hyatt will remain with the company as a strategic partner.

The acquisition of Hyatt Commercial ends one of the most storied names in the Annapolis commercial real estate business. Lou Hyatt, a native Annapolitan, started his career in 1953 before opening the own business in 1961.

Reliable has an even lengthier history. It started as a paving company operated by two brothers with a used dump truck, and by the time it marked its 90th year in business in 2018, it had evolved into a multi-generational, multi-million dollar company with more than 500 employees.

By purchasing Hyatt Commercial, Reliable gains entry into the Annapolis commercial real estate sector. Properties listed in the Hyatt management portfolio include more than a dozen buildings in the Historic District, others on West Street, Forest Drive and Route 2. It also manages properties around the county.

Its website lists 50 commercial properties for lease in Annapolis and dozens more across the county, Central and Southern Maryland and on Kent Island.

Hyatt Commercial is a commercial real estate that focuses on leasing, sales, and management of commercial properties in the Mid-Atlantic. Severn Bank, headed by Hyatt’s son Alan Hyatt, acquired Hyatt Commercial in 2007.

Lou Hyatt served two terms on the Annapolis City Council and served on the Annapolis Planning and Zoning Commission. He also served as president of the Anne Arundel County Board of Realtors.

Reliable Group said it restructured its acquisition into companies: Hyatt Commercial Property Management and Hyatt Commercial.

The purchase adds to three businesses included under, The Reliable Group: Reliable Commercial Construction, Reliable Real Estate Services, and Chesapeake Fine Homes. The company is focusing on expansion in the Mid Atlantic.

Hyatt Commercial was one of several subsidiaries of Severn Savings, including Homeowners Title and Escrow, Severn Financial Services Corporation, SSB Realty Holdings and others.

The bank reported a net income of $1.9 million in the third quarter of last year and a dividend of 4 cents per share.