Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million ($438,000 per key).
Certares today announced its twelfth hotel acquisition. The firm purchased the 390-room Hilton Boston Back Bay, inclusive of a 209-space parking garage, for $171 million. This acquisition was made in partnership with Belcourt Capital Partners.
Located at 50 Park Plaza in Boston's central Back Bay neighborhood, the 1,060-key property will see the property transition to Hilton Boston Park Plaza as part of a post-acquisition rebranding initiative.
Sunstone Hotel Investors, Inc. (NYSE: SHO) today announced that it has completed the sale of the 1,060-room Boston Park Plaza for a gross sale price of $370 million, or approximately $350,000 per key.
JLL Capital Markets announced today that it has closed the sale of Courtyard Boston South Boston, a 164-key select-service hotel in Boston, Massachusetts. JLL represented the seller, Hersha Hospitality Trust.
Chicago-based hotel investment and management company, Arbor Lodging Partners, announced its latest acquisition and second hotel in the Boston metro, the Hilton Garden Inn Boston-Burlington.
Wynn Resorts (NASDAQ: WYNN) announced today that it has entered into a definitive agreement to sell all of the land and real estate assets of Encore Boston Harbor to Realty Income (NYSE: O) for $1.70 billion in cash, representing a 5.9% cap rate. Wynn Resorts will continue to operate the property.
RLJ Lodging Trust (NYSE: RLJ) today announced that it has acquired the fee simple interest in the recently constructed 205-room AC Hotel by Marriott Boston Downtown for a purchase price of $89.0 million, or approximately $434,000 per key
Xenia Hotels & Resorts, Inc. (NYSE: XHR) last week announced it has sold the 221-room Residence Inn Boston Cambridge in Cambridge, Massachusetts for a price of $107.5 million, or approximately $486,500 per key.
The sale price of $58.3 million reflects a 15.3x EBITDA multiple and a 5.9% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotel’s operating performance for 2018.