BOSTON, (Dec. 21, 2015) – Representatives of Gencom, one of North America's leading luxury hospitality and residential / mixed-use real estate investment and development firms, today announced that, through its new partnership with Gemstone Hotels and Resorts, it has acquired the 114-room Ames Boston Hotel in the heart of downtown Boston. The property will be operated by Gemstone Hotels & Resorts, a full-service hotel management company that specializes in operating luxury and upscale urban hotels and resorts. Gencom and Gemstone will immediately undertake and jointly oversee a multi-million dollar renovation to re-position and reinvigorate the hotel. Robert Douglas was the exclusive advisor to the seller, a private investment group, in the sale.
"The Ames Boston Hotel is an irreplaceable asset with a prime location in the heart of Boston," said Alessandro Colantonio, senior vice president of acquisitions at Gencom. "We continue to have a healthy appetite for quality assets, located in major urban areas with high barriers to entry and with high return on investment potential. Following the completion of the renovation and the implementation of Gemstone's proprietary marketing and operations programs, the hotel will be well positioned to become the leading destination for upscale, discerning travelers to this market."
The renovation will transform the hotel from top to bottom to bring business and leisure travelers some of the finest accommodations Boston has to offer. Guest rooms will receive significant enhancements, including new case goods, soft goods and some unique technology. The ground floor will see significant changes which will highlight the property's rich history and unique location in the heart of Boston. Additionally, the hotel's existing meeting space will be expanded and substantially modernized. Considered to be Boston's first skyscraper, the Ames Boston Hotel is listed on the National Register of Historic Places and is the second tallest masonry load bearing wall structure in the world. Originally constructed in 1893, the hotel enjoys a prime location within the Government Center, within walking distance to the financial district and next to the renowned Faneuil Hall Marketplace. "We have a long history of operating hotels in Boston and throughout New England," said Thomas Prins, Gemstone's principal. "This property, along with the Copley Square Hotel we currently manage, will give us significant economies of scale and ability to capitalize on all the Boston hospitality marketplace offers."
"The Boston hotel economy is quite vibrant and continues to expand," said Jeff McIntyre, Gemstone's principal. "We will bring to bear some unique approaches to create one of a kind guest experiences-taking advantage of everything this hotel and its special location have to offer. The Ames is truly a one-of-a-kind hotel, and we intend to clearly distinguish it in a marketplace known for its iconic hotels and hospitality."
