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Feb.22, 2012 - Jones Lang LaSalle’s Hotels & Hospitality Group announced that it advised the ground lessor in Loews Hotels & Resorts’ acquisition of the 225-room Boston Back Bay Hotel. Managing Director Bob Webster led Jones Lang LaSalle’s Hotels & Hospitality team on this transaction. “Boston is one of the highest barrier-to-entry hotel markets in the United States, making this a great acquisition for Loews Hotels & Resorts,” said Webster. “We’re seeing the Boston market rebound tremendously with RevPAR levels increasing annually since the downturn. Strong demand and minimal supply propelled the market to see RevPAR increase by 9.6 percent between 2011 and 2012, while ADR was up 7.5 percent.” Located at the corner of Berkeley and Stuart streets, the Loews Back Bay Hotel is one of Boston’s historic buildings. Built in the 1920s as the Boston Police Department Headquarters and occupied as such until the late 1990s, the property was extensively redeveloped in 2004. Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totalling nearly US$25 billion, while also completing approximately 4,000 advisory and valuation assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research. For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s app from the App Store.
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