Lodging REIT sells Boston hotel for $370m
SSunstone Hotel Investors, a lodging REIT, has sold the 1,060-room Boston Park Plaza for $370 million, or approximately $350,000 per key.
Parks Hospitality Holdings (PHH), one of Latin America’s largest full-service hotel developer, is the new owner.
Boston Park Plaza is located just four miles from Boston Logan Airport, a block away from the historic Boston Common, and steps from Boston Public Garden, the Theater District, and the Arlington T Station. Ammenties include Lynx Fitness Club, two restaurants (Off the Common and Strega Italiano), onsite Starbucks, Topgolf Swing Suite, Leica Store and Gallery, and 70,000 square feet of meetings and event space.
The sale price represents a 12.1x multiple on Hotel Adjusted EBITDAre and a 7.1 percent cap rate on Hotel Net Operating Income for t