Marlborough Hotel Under New Ownership
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The Boston Marlborough Courtyard by Marriott has been purchased by a Chicago-based firm for $23.9 million.
According to the Registry of Deeds, the deal was completed June 27.
In announcing its ownership of the 121,496-square-foot, 202-room hotel, Ultima Hospitality said it plans to invest $2 million in a renovation of the site. The project will include a redesign of the meeting space, which is made of 14 meeting and banquet rooms totaling 8,000 square feet and accommodating up to 400 people. Ultima said the changes will complement recent renovations of the lobby, guestrooms, restaurant and public space.
Mark Zettl, chief operating officer, said the high number of conventions in Boston enhances the city's submarkets, like MetroWest.
"The Marlborough market also has several improving dynamics, including current and future corporate demand growth via local market expansion of a number of national corporations, including TJX, Boston Scientific and Quest Diagnostics," he said.
Ultima also manages the Sheraton Framingham Hotel & Conference Center on Route 9.
"The Greater Boston market is an area we have been, and remain focused on as a result of its existing demand and infrastructure, as well as its near and long-term growth potential," said Nir Liebling, chief investment officer. "The ability to acquire an institutional-grade asset within a growing submarket of one of the strongest metropolitan areas in the country is something that we are very excited about."
The hotel will continue to be part of the Marriott franchise.
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