Framingham hotel sells for $18M
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A hotel in the heart of Framingham’s business district has sold for more than $18 million in a two-hotel deal worth $33 million.
Two Residence Inn hotels have sold for a collective $32 million, changing hands from Pennsylvania-based Hersha Hospitality Trust to Lowe Enterprises Investors (LEI), in joint venture with a foreign investment client, on Monday morning, according to LEI. LEI is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm.
“Both properties have been recently renovated and are well-located near business centers and regional attractions providing a strong customer base,” Bleecker P. Seaman, co-CEO of LEI, said in a statement.
The five-story, 125-suite Residence Inn in Framingham sold for $18,051,600 on Monday, according to Massachusetts Land Records. The hotel located at 400 Staples Drive within the Framingham Technology Park is across the street from the Framingham Industrial Park. The hotel underwent a complete renovation in 2014. LEI will implement some additional infrastructure, common area and guest room upgrades.
The second hotel, 275 Norwood Park South in Norwood, sold for $14,049,900. The four-story, 96-suite Residence Inn, is seven miles from Gillette Stadium, and there is approximately 22.9 million square feet of office space within a 10 mile radius.
The Boston-area Residence Inns are the latest in LEI’s hotel acquisition activities in select markets across the country, according to the company. In June, the firm acquired the Hampton Inn Ann Arbor-South in Ann Arbor, Mich. and the Hampton Inn Jacksonville Downtown, in Jacksonville, Fla. Additional recent acquisitions include the Hampton Inn & Suites Charlotte-Arrowood Road in Charlotte, N.C., the Hampton Inn Columbia Northeast-Fort Jackson in Columbia, S.C., 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.
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