Although the hotel is currently managed by DoubleTree, it is not identified as either a DoubleTree or Hilton brand. Its contemporary architecture and high-tech amenities were designed specifically to complement the MIT campus and the area's clientele. MIT will continue to own the land. The adjacent Star Market and parking garage are not included in the transaction.

The price of the hotel buy is undisclosed. According to Cambridge public records, the assessed value of 20 Sidney St. is $42.7 million. The deal is expected to close by year-end, and, because it has not yet closed, a Forest City spokesman declines to provide GlobeSt.com with any information beyond what is contained in a press release issued by University Park Phase II LP, the MIT/Forest City joint venture. HEI declined to comment.

However, in the release, Steve Mendell, HEI's EVP of acquisitions and development, says, "this is our first property in the Boston/Cambridge market, which has extraordinarily high barriers to new competition. With its close proximity to MIT, the hotel is one of the city's premier hospitality assets, and we look forward to building on the hotel's past successes."