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Marriott Long Wharf Goes on the Market

BOSTON-The Boston Marriott Long Wharf could bring in between $160 million and $241 million now when it is sold by Boston Properties.

By Beverly Ford | Updated on February 01, 2007

BOSTON-The Boston Marriott Long Wharf has been put on the block by Boston Properties in a trade that could fetch between $160 million and $241 million according to sources. The 402-room hotel, located across from Faneuil Hall Marketplace, will be marketed beginning this week by Hodges Ward Elliott, an Atlanta brokerage and investment firm that specializes in lodging properties.

The sale is part of the estimated $500 million in dispositions Boston Properties has planned for 2007 and was announced at Wednesday’s Q4 2006 earnings call. Not including 5 Times Square in New York City, which is slated to close this quarter, the company has identified $500 million worth of assets that will hit the market by the end of Q1, according to Doug Linde, EVP and CFO.

“The exceptionally strong demand for our type of asset by selectively selling certain properties, while we know that the NOI from those assets is going to grow over time we also think that the underwriting expectations that are embedded in current market pricing justifies harvesting to the significant market value we have created in some properties even at the expense of moderately reducing our portfolio size,” Linde said.

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