$1b JV buys sixth acquisition

Värde Partners, a global alternative investment firm, and Hawkins Way Capital, a vertically integrated real estate company, have purchased 39 Dalton Street in the Back Bay neighborhood of downtown Boston, from Host Hotels & Resorts. The sales price was not disclosed.

The 29-story, 1.1 million-square-foot property now operates as the 1,220-key Sheraton Boston Hotel.

It marks the sixth acquisition of the Värde Partners and Hawkins Way Capital joint venture, targeting more than $1 billion of value-add and distressed hospitality and housing assets in major U.S. cities. The joint venture’s portfolio also comprises the DoubleTree by Hilton Metropolitan in the heart of Midtown Manhattan, along with four other residential developments in New York and California.

“We will continue to leverage our hospitality, multifamily and student-housing expertise to refresh and/or reposition assets such as the Sheraton Boston Hotel in order to seek to maximize value,” sai