Boston-Area Residence Inn Trades for $12M
- Feb 14, 2019
Sawyer Realty Holdings has acquired the Residence Inn Boston Tewksbury/Andover in Tewksbury, Mass. HFF represented the seller and procured the buyer. According to Middlesex-North County records, a fund associated with The Blackstone Group sold the hotel for $12 million. The property previously changed hands in 2015 for $16.4 million.
Located at 1775 Andover St. in Tewksbury, the asset is just off Interstate 495, near tech and pharmaceutical companies such as Raytheon, Thermo Fisher Scientific, Hewlett Packard and IDEX. Higher education institutions like Phillips Academy, Merrimack College and the University of Massachusetts Lowell are also close by.
The 130-key property includes 10 three-story buildings featuring both guestrooms and suites. Amenities consist of a fitness room, car rental station, convenience store, barbecue pit, outdoor swimming pool and business center.
Jessica Rosenberg, acquisitions and asset manager at Sawyer Realty Holdings, led the acquisition team on behalf of the buyer. The HFF advisory team representing the seller included Senior Managing Director Daniel Peek, Managing Director Denny Meikleham, Senior Directors Alan Suzuki and K.C. Patel and Director Matthew Enright. Meikleham, Suzuki and Enright were also involved in the sale of another Boston-area hotel announced earlier this month.
Image courtesy of HFF