News release

Hilton Back Bay Hotel trades for $171M in Boston

JLL’s Hotels & Hospitality group also secured acquisition financing for the buyer of the 390-key hotel

April 15, 2024

Alli Semans

Hotels & Hospitality and Capital Markets PR
+1 330 329 6750

BOSTON, Apr.15, 2024 –  JLL’s Hotels & Hospitality group announced today that it arranged the $171 million sale of the Hilton Back Bay hotel, a 390-key hotel in Boston.

JLL worked on behalf of the seller, Ashford Hospitality Trust, and procured the buyer, which was a joint venture between Certares and Belcourt Capital Partners. JLL also secured acquisition financing for the buyer.

The full-service hotel features an on-site, 209-space parking garage, as well as a restaurant and bar, fitness center, and outdoor space.

The Hilton is located at 40 Dalton St. and benefits from an ideal location in Boston’s sought after Back Bay neighborhood, within walking distance of the city’s leisure, corporate and convention demand generators. The hotel is situated near the Hynes Convention Center, the Prudential Center, Copley Place, Fenway Park, Newbury Street, Berklee College of Music and Northeastern University.

Boston is one of the most dynamic lodging markets in the country given its unique supply and demand fundamentals. Boston benefits from an exceptionally diverse base of demand generators bolstered by strong tourism, an expanding corporate roster, a unique concentration of the world’s best medical and academic institutions, a leading life sciences and research sector and world-class convention facilities.

The sales and financing efforts were overseen by Americas CEO Kevin Davis, with the investment sales efforts led by Managing Director Alan Suzuki, Senior Director Matthew Enright, Executive Vice President Stephany Chen and Associate Emily Zhang, and the financing efforts led by Senior Directors Barnett Wu and Jonathan Schneider.

“We experienced an incredibly strong response to this opportunity from both the equity and debt markets, with a deep pool of potential buyers and lenders. The transaction offered the optimal combination of great real estate with strong in-place cash flow and upside opportunity through a renovation, coupled with a strong Boston market recovery,” said Davis.  

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

For more news, videos and research resources, please visit JLL’s newsroom.

About Ashford Hospitality Trust

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.


About Certares Management LLC

Established in 2012, Certares is a global investment firm focused exclusively on the travel and hospitality industries, leveraging deep sector experience, proprietary transactions and hands-on partnership with management teams to drive growth. With approximately $10.1 billion of assets under management, including co-investments, as of December 31, 2023, Certares brings together a team with decades of both operational and investment experience in private equity, travel, tourism, hospitality and travel-related business and consumer services.

Since launching its real estate platform in early 2021, Certares has acquired 12 hotels comprising over 2,700 keys across the country. For more information, please visit


About Belcourt Capital Partners

Belcourt Capital Partners (“BCP”) was founded in 2022 to identify and acquire undervalued hotels. We invest across the capital stack and in a variety of asset profiles ranging from opportunistic to core-plus. Our primary investment objective is to generate outsized risk-adjusted returns for our investors by applying a data-driven, patient approach to acquisitions, designing and overseeing thoughtful renovations, and maintaining a detail-oriented, purposeful asset management approach.


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit