Sale of Marriott branded select-service hotel in South Boston closes
JLL Capital Markets closed the sale of the 164-key Courtyard Boston South Boston
BOSTON, Jan. 10, 2023 – JLL Capital Markets announced today that it has closed the sale of Courtyard Boston South Boston, a 164-key select-service hotel in Boston, Massachusetts.
JLL represented the seller, Hersha Hospitality Trust.
Courtyard Boston South Boston opened in 2005 under the Courtyard by Marriott brand, one of the most prominent select-service brands in the world. The six-story hotel includes a fitness center, business center, guest laundry, sundry and 625 square feet of meeting and event space. In addition, the hotel has an on-site restaurant serving a variety of breakfast and dinner options as well as a 6,000-square-foot retail space.
The hotel, which is just 10 minutes from downtown Boston, is adjacent to Interstate 93 and is within walking distance of two MBTA train stations, Andrew Square and Newmarket Station, in addition to bus stops. As a result, guests can easily access the city’s most desirable neighborhoods, including downtown Boston, the Seaport District, Back Bay, South End, Longwood Medical Area and Fenway. Courtyard Boston South Boston further benefits from a diverse set of demand drivers, including historic tourist attractions, higher education institutions, corporate headquarters, as well as some of the world’s leading healthcare centers and life-science companies.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Alan Suzuki and Senior Director Matthew Enright.
“This transaction coincides with a strong recovery in operating fundamentals in Boston as market RevPAR has well-exceeded pre-pandemic levels in the past few months,” said Suzuki.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hersha Hospitality Trust
Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels totaling 3,811 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida and California.