Lowe Enterprises Investors has acquired two hotels: the Residence Inn Boston Framingham and Residence Inn Boston Norwood Canton. The seller was Hersha Hospitality Trust. BBVA‘s Jon Larson arranged financing for the deal. No financial terms were disclosed.
LOS ANGELES–(BUSINESS WIRE)–Lowe Enterprises Investors (LEI), in joint venture with a foreign investment client, has acquired the 125-suite Residence Inn Boston Framingham and the 96-suite Residence Inn Boston Norwood Canton.
“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,” noted Bleecker P. Seaman, co-CEO of LEI.
Chris Miller and Russell Munn led the investment team for LEI. The HFF investment sales team representing the seller, Hersha Hospitality Trust, was led by managing director Denny Meikleham and director Alan Suzuki. Jon Larson of BBVA arranged financing for the transaction. Stonebridge Companies will provide property management for the hotels.
Residence Inn Boston Framingham
The five-story, 125-suite Residence Inn is located at 400 Staples Drive within the Framingham Technology Park and across the street from the Framingham Industrial Park. The hotel draws both business and leisure travelers from the many businesses located in this prominent suburban Boston community and the nearby to New England Sports Center, area colleges and universities and the area’s entertainment and shopping hubs. The all suites Residence Inn offers travelers a fully-equipped kitchen, complimentary breakfast, fitness center, business center, meeting room, indoor pool and outdoor picnic area with barbeque. The hotel underwent a complete renovation in 2014. LEI will implement some additional infrastructure, common area and guest room upgrades.
Residence Inn Boston Norwood Canton
The four-story, 96-suite Residence Inn, located at 275 Norwood Park South, is a desirable location for business and leisure travelers. The hotel is seven miles from Gillette Stadium, home to the New England Patriots, and is convenient to Legacy Place with its array of shopping, dining and entertainment and concert venue Xfinity Center. Additionally, there is approximately 22.9 million square feet of office space within a 10 mile radius. The all suites Residence Inn offers travelers a fully-equipped kitchen, complimentary breakfast, fitness center, business center, indoor pool and outdoor picnic area with barbeque. The hotel underwent a complete renovation in 2013. LEI will implement some additional infrastructure, common area and guest room upgrades.
“We identified branded limited and select service hotels as stabilized assets with continued growth potential,” noted Seaman. “These properties provide the traveler with a consistent experience offering comfortable and well-appointed rooms and amenities that are popular with business travelers and families.”
The Boston area Residence Inns are the latest in LEI’s hotel acquisition activities in select markets across the country. In June, the firm acquired the Hampton Inn Ann Arbor-South in Ann Arbor, Michigan and the Hampton Inn Jacksonville Downtown, in Jacksonville, Florida. Additional recent acquisitions include the Hampton Inn & Suites Charlotte-Arrowood Road in Charlotte, NC, the Hampton Inn Columbia Northeast-Fort Jackson in Columbia, SC, the Hilton Garden Inn – Atlanta NW Wildwood, the Hilton Garden Inn – Johns Creek, and the Hilton Garden Inn – Atlanta Northpoint on behalf of investment clients.
LEI is an established investor in the hospitality sector, with a long and successful track record that includes boutique hotels and major resort properties. LEI was among the first to bring pension fund investment to hotels.
About Lowe Enterprises Investors
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm. Since inception in 1972, Lowe has acquired, developed or managed more than $28 billion of real estate assets. Lowe maintains additional regional offices in Southern California, Denver, Philadelphia, Seattle and Washington, DC. For more information about LEI, please visit: www.leinvestors.com
About Hersha Hospitality Trust
Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale hotels in urban gateway markets. The Company’s 54 hotels totaling 8,723 rooms are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast. The Company’s shares are traded on The New York Stock Exchange under the ticker “HT”.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.