Hawkins Way Capital Acquires Copley Square Hotel in Boston
The 143-room hotel property, built in 1891, was sold by institutional clients managed by Barings, which is headquartered in Charlotte, NC.
BOSTON—Beverly Hills, CA-based real estate investment firm Hawkins Way Capital has acquired the iconic Copley Square Hotel in the Back Bay here.
The 143-room seven-story hotel property, built in 1891, was sold by institutional clients managed by Barings, which is headquartered in Charlotte, NC. JLL marketed the property on behalf of the seller. The JLL Capital Markets team was led by managing director Denny Meikleham, senior director Alan Suzuki and director Matt Enright.
Hawkins Way Capital purchased the hotel at 47 Huntington Ave. unencumbered of existing brand or management. No financial terms of the transaction were disclosed.
The Copley Square Hotel is a historic boutique hotel that provides large room layouts with 250-degree city views. Among the amenities at the property include 1,500 square feet of meeting and event space, a 24-hour fitness center, nightly wine-down hour and 11,800 square feet of retail that includes 2,800 square feet of vacant ground-floor retail and a lower-level nightclub.
“Buyer interest in the Copley Square Hotel was extremely competitive, driven by the strength of the Boston lodging market and the numerous value-add opportunities buyer’s saw in the property,” JLL’s Meikleham says.
“The prime Boston real estate market is difficult to break into competitively, so we are very pleased to be able to complete our third property acquisition in another coveted location with substantial value-added opportunity,” says Ross Walker, co-founder and managing partner of Hawkins Way Capital.
Hawkins Way Capital states that it plans to update and reconfigure the guest rooms and significantly improve the hotel’s common and retail areas.