Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Ashford to Sell Back Bay Hilton Hotel for $171M
Ashford Hospitality Trust Inc. has agreed to sell the Hilton Boston Back Bay for $171 million, with the deal expected to close later this month, Boston Business Journal reported. The sale is part of Ashford’s strategy to pay off maturing financing and reduce leverage.
The 390-room property is set to be sold at a price of $438,000 per room, making it one of the top hotel sales in Boston since the pandemic. Boston’s hotel market has shown strong recovery, with revenue per available room (RevPAR) expected to reach $166 this year, surpassing 2019 levels.
The Hilton Boston Back Bay recorded a net income of $2.3 million and an EBITDA of $16.7 million last year. After mortgage repayment and closing costs, Ashford expects to receive approximately $70 million in net proceeds from the sale.
- ◦Sale/Acquisition
- ◦Financing
