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DiamondRock To Pay $330M for Westin Boston Hotel

BOSTON-In addition to the hotel, DiamonRock will acquire 100,000 sf of retail space under a leaseholder agreement and leasehold interest on a connected site that would allow for an additional hotel property.

By Beverly Ford | Updated on January 10, 2007

BOSTON-DiamondRock Hospitality Co. has agreed to purchase the Westin Boston Waterfront Hotel, a 793-key facility with 32,000 sf of meeting space and a 400-car underground parking facility, attached to the city’s new Boston Convention and Exhibition Center. The $330.3-million deal includes the purchase of the hotel, as well as a leasehold agreement for 100,000 sf of retail and an option to acquire a leasehold on a connecting property with developing rights.

“This opportunity is an excellent fit with DiamondRock’s strategy of building a portfolio of high-quality, high-growth hotels located in urban and resort locations,” says William McCarten, chairman and CEO of DiamondRock, in a statement.

Michael Schecter, executive vice president and general counsel with DiamondRock, tells GlobeSt.com that the building rights on the adjacent site would allow for a separate 325-room hotel. All three properties, which are held by a joint venture comprised of Boston developers Joseph Fallon, Stephen Karp and Steve Fischman, come with a 99-year ground lease from the Massachusetts Convention Center Authority, Schecter says.

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