BOSTON—JLL’s Hotels & Hospitality Group announced 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, 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 within walking distance of the city’s leisure, corporate, and convention demand generators. The hotel is near the Hynes Convention Center, the Prudential Center, Copley Place, Fenway Park, Newbury Street, Berklee College of Music, and Northeastern University.
Boston is a dynamic lodging market given its supply and demand fundamentals. Boston benefits from a diverse base of demand generators with tourism, an expanding corporate roster, a concentration of medical and academic institutions, a life sciences and research sector, and convention facilities.
The sales and financing efforts were overseen by Americas CEO Kevin Davis, with the investment sales effort led by Managing Director Alan Suzuki, Senior Director Matthew Enright, Executive Vice President Stephany Chen, 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.
