Hawkins Way Capital has purchased 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. A sales price was not disclosed.
“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,” said Denny Meikleham, managing director at JLL Capital Markets.
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 Ave., 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.
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 United States, the outlook for hotel investments is relatively positive, with the market upholding 2018’s level of transactions.
