Trade of two Marriott-branded extended-stay hotels in Boston suburbs closes
JLL’s Hotels & Hospitality Group has closed the sale of two Residence Inn by Marriott hotels in Norwood and Framingham, MA
BOSTON – November 8, 2022 – JLL’s Hotels & Hospitality Group announced today that it has closed the sale of two Marriott-branded Residence Inn extended-stay hotels totaling 221 keys in the suburban Boston communities of Norwood and Framingham, Massachusetts.
JLL worked on behalf of the seller, APEX Capital Investments Corporation, in the sale to JNR Management Inc.
JNR has retained the Residence Inn by Marriott brand for both hotels under a long-term franchise agreement with Marriott International Inc. The new owner has plans to renovate the hotels comprehensively and it includes a total refresh in all guest rooms and common spaces, aesthetic updates, bath upgrades in guest rooms and enhancements to the exterior. The hotels will remain open for business during renovations.
The portfolio includes the 125-key Residence Inn Boston Framingham and the 96-key Residence Inn Boston Norwood/Canton. Each hotel offers spacious suites with separate living/sleeping areas, fully equipped kitchens, complimentary hot breakfast and free WiFi. In addition, the properties feature a fitness center, business center and indoor pool.
The hotel in Framingham is 25 miles west of Boston at the intersection of Interstate 90 and Route 9. The Norwood location is 23 miles southwest of downtown Boston and 29 miles Northeast of Providence just off Route 1. Both locations benefit from their strategic positions near local corporations which generate lodging demand.
The JLL Hotels & Hospitality team representing the seller was led by Managing Director Alan Suzuki and Senior Director Matthew Enright.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-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.
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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 APEX Capital Investments Corporation
APEX Capital Investments Corporation is a capital investment firm that provides various investment solutions and provides opportunity sourcing to clients in line with their investment objectives. Their vision is to deliver unique opportunities while offering high services for clients interested in investing in both the US and abroad while adhering to the highest professional standards and corporate governance. Founded in 2019, the company is headquartered in Philadelphia, PA.
With over 30 years of combined experience in lucrative hotel acquisitions and development, JNR Management Inc. and its affiliate, JNR Capital Partners LLC, continues to provide richly integrated hospitality services to maximize investors’ ROI, improve the quality of customer relations and advance hotel management and operations. The Principals of JNR think strategically, optimize resources and execute thoroughly, without compromising their core values and commitment to excellence. For further information, visit www.jnrhotels.com