"That deal has closed," one source tells GlobeSt.com, a notion supported by a mortgage filed on behalf of KW Cambridge Property LLC, a group led by principal Robert J. Karol of Wayland. Karol did not respond to inquiries regarding his group's purchase, nor did seller Richard L. Friedman, the well-known owner of Carpenter & Co. whose hospitality resume includes the famous Charles Hotel in Harvard Square--1.5 miles from Hotel Tria--plus the Liberty Hotel in Boston, an upscale operation built on the site of the infamous Charles Street Jail. Prior to flipping the Hotel Tria, Carpenter & Co. advanced a plan to add more than 30 rooms at a building next door, a project one source estimates will begin later this year.

Given the potential value of the expansion and lack of a deed on the sale, it is unclear how much was paid for the Hotel Tria by KW Cambridge, but sources insist that Karol has assumed control of the facility, and is said to be hiring a new general manager, although that could not be confirmed. The contract with Best Western extends to the end of the year, one source tells GlobeSt.com, offering potential for the hotel to be re-branded over the near term.

One broker familiar with the Alewife property describes the hotel as a well-maintained, mid-priced operation poised for growth thanks to the emergence of the area as a diverse business district with a concentration of life sciences, professional services and technology companies. Leisure travel and a draw from local colleges also benefits Hotel Tria, market watchers say, as graduations--such as nearby Harvard University's--are sending rates approaching $350 per night presently, according to one estimate. The normal range is said to be between $110 and $200 per night, depending on the season.