LOS ANGELES–November 7, 2016–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.
