US: Lowe Enterprises Investors (LEI), in joint venture with a foreign investment client, has acquired two Residence Inn properties in Massachusetts.
The properties are the 125-suite Residence Inn Boston Framingham and the 96-suite Residence Inn Boston Norwood Canton.
Bleecker P. Seaman, co-CEO of LEI, said: “These are solid-performing assets in major suburban Boston markets. Both properties have been recently renovated and are well-located near business centres and regional attractions providing a strong customer base. We identified branded limited and select service hotels as stabilised assets with continued growth potential. These properties provide the traveller with a consistent experience offering comfortable and well-appointed rooms and amenities that are popular with business travellers and families.”
Chris Miller and Russell Munn led the investment team for LEI. The HFF investment sales team representing the seller, Hersha Hospitality Trust, was led by managing director Denny Meikleham and director Alan Suzuki. Jon Larson of BBVA arranged financing for the transaction. Stonebridge Companies will provide property management for the hotels.
www.leinvestors.com</p
