Marlborough Residence Inn Trading for $20M

MARLBOROUGH, MA-A suburban community awash in hotels is about to see a change in ownership at one operation, as Apple Eight REIT is reportedly buying the Residence Inn Boston Marlborough on Donald Lynch Boulevard. The four-story, 112-suite asset is being divested by developer David Leatherwood for a price estimated at $20.2 million.

Located in the MetroWest region of Metropolitan Boston, Marlborough has nine major hotels and more than 1,700 units despite its modest size of just over 35,000 residents. Proximity to major roadways including Interstate 495 and Route 290 have enabled the city to attract a number of corporate office tenants, which in turn has led to substantial hotel construction. Among the flags presently flying in the city are Courtyard by Marriott, Embassy Suites, Hampton Inn, Holiday Inn and Homestead Studio Suites.

Calls to Leatherwood and to Apple Eight officials at the firm’s headquarters in Richmond, VA were not returned by press deadline. CBRE Hotels is said to be representing Leatherwood on the sale, but broker David McElroy in that group’s Boston office also did not respond to inquiries.