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Sign in Sign up for a FREE subscriptionBoston Cambridge sells for $107m
Xenia Hotels & Resorts has sold the 221-room Residence Inn Boston Cambridge in Cambridge, Mass., for $107.5 million.
“We are pleased to have completed the sale of Residence Inn Boston Cambridge, the only remaining select service asset in our portfolio,” said Marcel Verbaas, Xenia’s chairman and CEO. “The sale of this hotel is the culmination of a highly competitive process, and we are pleased with the outcome given current market fundamentals. This transaction, which exemplifies our focus on value creation for our shareholders and our continued dedication to our long-term strategy, has created additional balance sheet flexibility during this unprecedented time.”
The previously announced sale of Marriott Napa Valley Hotel & Spa is expected to close before the end of October, in accordance with the terms of the purchase and sale agreement the company executed in August.
