Certares right this moment introduced its twelfth lodge acquisition. The agency bought the 390-room Hilton Boston Again Bay, inclusive of a 209-space parking storage, for $171 million. This acquisition was made in partnership with Belcourt Capital Companions. Collectively, Certares and Belcourt have plans to modernize the lodge’s amenities by a complete capital expenditure program to boost the general visitor expertise.
Situated within the coronary heart of Boston’s historic Again Bay neighborhood, one of many metropolis’s hottest industrial, retail and residential corridors, the lodge is proximate to Boston’s most important points of interest, together with Fenway Park, Symphony Corridor, and upscale eating and buying within the Prudential Middle and on Newbury Avenue. Moreover, the lodge advantages from close by transportation hubs, resembling Again Bay Station, South Station and Logan Worldwide Airport. Â
Nolan Hecht, Senior Managing Director and Head of Actual Property at Certares, commented: “Boston is without doubt one of the solely true ‘seven-day-a-week’ lodging markets within the U.S., with demand pushed by a various set of company and leisure vacationers. The town is dwelling to main company tenants, world-class schools and universities, quite a few main medical facilities, state-of-the-art life science amenities and a wealth of after-work and weekend leisure actions, making this an extremely enticing funding. We sit up for deploying our intensive trade information in journey and hospitality so as to add worth for our traders whereas creating the absolute best expertise for visitors.”
Mike Kusy, Director at Certares, added: “This acquisition aligns with our technique to amass high-quality, well-located belongings poised to profit from focused capital enhancements and hands-on asset administration. The Hilton advantages from an irreplaceable location inside one of many prime submarkets within the nation, and we’re excited to additional improve the lodge’s already sturdy market presence.”
Tom Naughton, Founder and Accomplice at Belcourt, commented: “We’re delighted to companion with Certares on this milestone acquisition. The Hilton Boston Again Bay is a metropolis landmark for enterprise and leisure vacationers alike, and our deep roots within the Boston lodging market make us an excellent possession companion to see the lodge by its subsequent section of enchancment.”
Lauren Merhaut, Accomplice at Belcourt, additional commented: “We’re excited to effectuate our marketing strategy on this distinctive alternative inside one of the vital sought-after lodge markets within the nation.”