Lowe Enterprises Acquires 2 Boston-Area Residence Inns
- Nov 08, 2016
Adding up to 221 suites, Residence Inn Boston Framingham and Residence Inn Boston Norwood Canton traded for an undisclosed amount. Chris Miller and Russell Munn led the LEI investment team, while seller Hersha Hospitality Trust was represented by HFF’s Managing Director Denny Meikleham and Director Alan Suzuki. Jon Larson of BBVA arranged financing and Stonebridge Cos. will act as property manager for the two hotels.
Although financial details have not been disclosed, Middlesex County records show that the Framingham asset traded this month for a little over $18 million. According to Norfolk County records, Residence Inn Boston Norwood Canton last changed hands in 2006, the year it was built, for a price tag of $14.9 million.
“These are solid-performing assets in major suburban Boston markets. Both properties have been recently renovated and are well-located near business centers and regional attractions providing a strong customer base,” said Bleecker Seaman, co-CEO of LEI, in prepared remarks.
The 125-key Residence Inn Boston Framingham is located at 400 Staples Drive and sits within the Framingham Technology Park, just off Interstate 90/Massachusetts Turnpike. The property underwent a thorough renovation project in 2014.
The four-story, 96-key Residence Inn Boston Norwood Canton is located at 275 Norwood Park South, 7 miles from the Gillette Stadium and just off Interstate 95. Completed in 2006, the hotel was completely renovated in 2013.
Both hotels offer amenities including fitness centers, business centers, meeting rooms, fully-equipped kitchens, indoor pools and outdoor picnic areas with barbeque. LEI intends to further invest in the two properties, bringing common area and guest room upgrades.
Images courtesy of Marriott