two hotels

The JV is transforming the two hotels in the process, taking a Radisson in Rockland, MA and turning it into a Holiday Inn, while morphing a Sheraton in Milford, MA into a Doubletree Hotel. The two properties were both owned by Dallas-based Ashford Hospitality and are being sold together for the $20.5 million tag. Ashford Hospitality did not respond to GlobeSt.com inquiries by deadline.

"Linchris has a very long track record with the Holiday Inn brand," Krolman tells GlobeSt.com. "They've done extremely well with it and they thought that was a good fit for that location. And the Doubletree was a good fit for Milford." The companies are working within an "open-ended program" explains Krolman, which will focus solely on the hotel market. "They seeded it with these two initial deals, and the hope, is to do more acquisitions going forward." Adding that there is no defined limit as to how much property this joint venture is ready to take on, Krolman enumerates, "they don't have a set number. It will depend on what's out there; what's attractive; what becomes available for sale and where they can create value."

The Doubletree Hotel is in Milford, MA at 11 Beaver St. near Interstate 495 by the Mass Turnpike. Maxing out at five-stories, the 173-key property was recently renovated in 2007 and will receive new televisions and HVAC units in its future incarnation. The former-Sheraton has 8,500 sf of meeting and banquet space, Legends Sports Bar and Grille, Il Cigno restaurant, an indoor pool and a fitness center. The Radisson in Rockland, MA calls home 929 Hingham St. Another five-story structure, the soon-to-be Holiday Inn holds 127 room and 3,800 sf of meeting and banquet space, a 96-seat restaurant, an outdoor pool and a fitness room. The lobby, common areas and guestrooms are slated for renovation before the change-over.