Three-Hotel Portfolio Changes Hands in Boston Area
- Mar 28, 2019
Jamsan Hotel Management has purchased a 433-key hotel portfolio in the Greater Boston area from Linchris Hotel Corp., in a deal brokered by HFF. The portfolio consists of three recently renovated properties in the towns of Milford, Rockland and Plymouth, Mass.
The hotels changing hands comprise the DoubleTree by Hilton Hotel Boston – Milford, Doubletree by Hilton Hotel Boston – Rockland and Hilton Garden Inn Plymouth. All three properties are located within 40 miles of Boston.
The first asset is a 176-key venue with 10,000 square feet of meeting space., while the second property has 127 guestrooms and 3,814 square feet of meeting space, situated just off Route 3 in the South Shore area. Further south is the 130-key Hilton Garden Inn Plymouth, which has 1,372 square feet of meeting space.
The HFF team included Senior Director Alan Suzuki, Managing Director Denny Meikleham and Director Matthew Enright. “The Greater Boston region continues to be on just about everyone’s hotel investment ‘wish list’,” Suzuki told Commercial Property Executive. “The diversified demand base and high barriers to entry ensures long-term cash flow sustainability.”
HFF builds on Boston track record
HFF has been active in the Boston-area hotel investment market. This past February, the company closed the sale of the Residence Inn Boston Tewksbury/Andover, a 130-key Marriott property some 25 miles from downtown Boston. A fund associated with The Blackstone Group sold the asset for $12 million. In the prior month, HFF brokered the sale of the 107-key Nantasket Beach Resort located between Boston and Cape Cod.
HFF worked on behalf of funds managed by Linchris Hotel Corp. last November to secure $11.7 million in financing for the Harbor Hotel Provincetown. Located about 50 miles from Boston, the property is the largest hotel in Provincetown, with 129 guestrooms. That deal followed the HFF-brokered sale of the Residence Inn Boston Downtown Seaport in Boston’s Fort Point neighborhood last August.
Image courtesy of HFF