Boston’s Copley Square Hotel sells
JLL brokered the sale of the boutique hotel in Boston’s Back Bay neighborhood
BOSTON, November 8, 2019 – JLL announced today that it has closed the sale of Copley Square Hotel, a 143-room independent boutique hotel in Boston’s high-end Back Bay neighborhood.
JLL marketed the property on behalf of institutional clients managed by Barings, one of the world’s largest real estate investment managers. Hawkins Way Capital purchased the hotel unencumbered of existing brand or management.
Built in 1891, the Copley Square Hotel is an historic boutique hotel that provides guests with modern amenities, including large room layouts with 250-degree city views, 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. Situated at 47 Huntington Avenue, the hotel is nestled in one of Boston’s most desirable neighborhoods, Back Bay. The live-work-play area houses shopping, restaurants and an abundance of popular demand drivers, including the world-renowned Newbury Street, nationally acclaimed colleges and universities, Fenway Park, the Prudential Center and strong corporate demand generated by numerous Fortune 500 companies.
The JLL Capital Markets team was led by Managing Director Denny Meikleham, Senior Director Alan Suzuki and Director Matt Enright.
“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,” Meikleham said.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
According to a 2019 JLL Hotel Investment Outlook Report, global hotel transaction volumes are predicted to reach $67 billion by the end of the year. In the U.S., the outlook for hotel investments is relatively positive, with the market upholding 2018’s level of transactions.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Barings is a $335+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of September 30, 2019.
About Hawkins Way Capital
Hawkins Way Capital is a vertically integrated real estate company based in Beverly Hills, California, focused on value-added and opportunistic investments and developments across various asset classes and geographies. The company, led by managing partners Ross Walker and Karan Suri and advising partner Lew Wolff, manages equity funds for select family offices and institutions. Hawkins Way’s portfolio currently includes owning and operating hospitality and multifamily units throughout the United States. Visit hawkinsway.com to learn more.