BOSTON—JLL’s Accommodations & Hospitality Group introduced that it organized the $171 million sale of the Hilton Again Bay lodge, a 390-key lodge in Boston.
JLL labored on behalf of the vendor, Ashford Hospitality Belief, and procured the customer, a three way partnership between Certares and Belcourt Capital Companions. JLL additionally secured acquisition financing for the customer.
The complete-service lodge options an on-site, 209-space parking storage, in addition to a restaurant and bar, health middle, and out of doors area.
The Hilton is inside strolling distance of the town’s leisure, company, and conference demand turbines. The lodge is close to the Hynes Conference Heart, the Prudential Heart, Copley Place, Fenway Park, Newbury Avenue, Berklee School of Music, and Northeastern College.
Boston is a dynamic lodging market given its provide and demand fundamentals. Boston advantages from a various base of demand turbines with tourism, an increasing company roster, a focus of medical and educational establishments, a life sciences and analysis sector, and conference services.
The gross sales and financing efforts had been overseen by Americas CEO Kevin Davis, with the funding gross sales effort led by Managing Director Alan Suzuki, Senior Director Matthew Enright, Government Vice President Stephany Chen, Affiliate Emily Zhang, and the financing efforts led by Senior Administrators Barnett Wu and Jonathan Schneider.
“We skilled an extremely sturdy response to this chance from each the fairness and debt markets, with a deep pool of potential consumers and lenders. The transaction supplied the optimum mixture of nice actual property with sturdy in-place money circulate and upside alternative by way of a renovation, coupled with a robust Boston market restoration,” mentioned Davis.
