Residence Inn by Marriott Boston Watertown sells for $71m
Published at: 2018-10-03 17:02 | Author: CIJ USA
Summit Hotel Properties purchased Residence Inn by Marriott Boston Watertown for $71m. The property is located in the submarket of Watertown near Cambridge, along the Charles River in Boston, adjacent to the new Arsenal Yards mixed-use development. Opened in August 2016, the 150-room hotel changed hands for just over $473,330 per room key. Summit Hotel Properties is estimating a capitalization rate of 8.1 percent based on the current estimate of the hotel's forward 12-month net operating income. The company estimates that the hotel will contribute approximately $1.7m of EBITDA through the remainder of 2018. “We are thrilled with the acquisition of the Residence Inn by Marriott Boston Watertown, which represents a continuation of our capital allocation strategy by acquiring an exceptionally well-located hotel in a vibrant market,” said Daniel Hansen, chairman, president and CEO of Summit Hotel Properties.
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