BOSTON-With a surprise sale, the W Hotel in Boston will have a new owner. Bethesda, MD-based Pebblebrook Hotel Trust is purchasing the property for $89.5 million. The seller, Sawyer Enterprises was not shopping the property in the least.
"We were not looking to sell, but Pebblebrook presented us with a compelling offer," says Carol Sawyer Parks, CEO of Sawyer Enterprises in a statement. "The price is s clear evidence of the strong attributes of the 'W' brand, and by extension has a positive impact on the value of the 'W' Residences." Starwood Hotels and Resorts Worldwide, Inc. will remain as the hotel's manager, which will itself remain under the W flag.
The hotel at 100 Stuart St. sits in the Theater District of Boston near Downtown Crossing. The residences reside on the 16th-28th floor of the 235-room hotel. Sawyer Enterprises did not return GlobeSt.com inquiries by deadline.
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