RLJ Adds Boston Area Embassy Suites
Monday November 19th, 2012 - 12:04AM
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WALTHAM, MA–RLJ Lodging Trust has acquired the 275-suite Embassy Suites Hotel in this suburb of Boston, the REIT's first entry into the Greater Boston market.
RLJ paid $64.5 million for the asset, which equates to roughly $235,000 per key. The property converted from a DoubleTree by Hilton Guest Suites in 2011, following a $12 million renovation. The hotel is one of only three Embassy Suites properties in the Greater Boston area. Like the DoubleTree brand, Embassy Suites is part of Hilton Worldwide.
Tags: Hospitality Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.