The property hit the auction block in 2020 after the foreclosure of the previous owner.
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The owners of a unique castle-shaped hotel visible from the Massachusetts Turnpike in Framingham have completed extensive renovations of the 371-room site.
XSS Hotels and Colwen Hotels, both New Hampshire-based firms, completed the renovations after purchasing what is now known as The Framingham Collection in January 2021. Renovations were supported with a $24.73-million mortgage from Buffalo-based M&T Bank in 2023, according to the Middlesex South Registry of Deeds.
The property hit the auction block in 2020 after the foreclosure of the previous owner AP WCP Framingham LLC, an entity managed by Los Angeles-based investment firm Ares Management Corp.
People’s United Bank purchased the site for $14.4 million after winning the auction, later transferring the property to an entity managed by XSS for an undisclosed amount, according to Middlesex South Registry of Deeds and City of Framingham property records.
People’s United was later acquired by New York-based M&T Bank in 2022.
XSS and Colwen have since worked to renovate the site into three separate hotels operating under different brand names, the companies announced March 19. The site is now home to the Renaissance Framingham Hotel & Conference Center, Fairfield Inn & Suites Framingham, and TownePlace Suites Framingham. TownePlace is an extended-stay hotel with suite-style accommodations and fully equipped kitchens.
The three brands in one location give Colwen increased flexibility in serving guests, said Stephanie Paschal, regional director of sales for Colwen Hotels.
The site originally opened in 1975 as the Sheraton Tara Hotel.
Renovations included new furniture, renovated bathrooms, and upgrades to public spaces. The event space at the site is now known as Renaissance Framingham Weddings & Events, containing more than 25,000 square feet of event space capable of accommodating up to 1,000 guests.
The site received a 2026 assessment of $30.15 million, according to municipal property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
