Trio of NY-Based Firms Buy Three Holiday Inn Properties in Boston Area
The joint venture partners report that they have hired Spire Hospitality, AWH’s full-service hospitality management company, as the manager of the three properties.
BOSTON—A partnership of three New York City real estate investment and development firms have acquired a portfolio of three Holiday Inn hotel properties in the suburbs of Boston in an off-market transaction.
The firms— AWH Partners, LLC of New York City, Maddd Equities, LLC of Floral Park, NY and Bronx-based Joy Construction—have acquired the Holiday Inn & Suites Boston-Peabody, the Holiday Inn & Suites Marlborough and the Holiday Inn Boston-Dedham Hotel and Conference Center.
No financial terms of the transaction were released. The joint venture partners report that they have hired Spire Hospitality, AWH’s full-service hospitality management company, as the manager of the three properties.
The group has signed long-term franchise agreements with hotelier IHG and report that the new ownership will begin extensive renovations to each of the hotels, including upgrades to the guest rooms, common areas and meeting space.
The three properties together have a total of 555 guest rooms and 8,000 square feet of event and meeting space.
“The acquisition of these three Holiday Inns continues our approach of investing in value-add hotel opportunities and substantially repositioning them physically and operationally,” says Jon Rosenfeld, principal of AWH Partners. “This purchase is exciting for us, as it is our first deal in the Boston area and expands our footprint into another major market.”
“We are very excited to be partnering with AWH on the acquisition of this portfolio in Boston” says Eli Weiss, principal of Joy Construction. “As one of the nation’s oldest and most successful cities, Boston is a dynamic market with both positive growth drivers and high barriers to entry. We look forward to the renovated and repositioned product, that we expect, will yield an attractive return on our investment.”
In late November, AWH Partners and Opterra Capital, LLC announced the acquisition of the Cincinnati Marriott at RiverCenter making it the third Marriott Hotel in their portfolio. Beginning on Nov. 9, Spire Hospitality began operation and management of the hotel.
The recently renovated 14-story, 321-room Marriott at RiverCenter boasts 30 event rooms and 16 breakout rooms.
In August, Maddd Equities and Joy Construction secured $51 million in financing in connection with property purchases in the Bronx and Brooklyn for affordable housing projects.