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Boston’s 5-Star Hotel Sector Outperforms Broader U.S. Luxury Market
Since entering the 21st century, Boston has transformed from an aged, industrial hub into a world-class city centered on education, healthcare and technology. This is illustrated by Boston’s emergence as a luxury hospitality destination, JLL says in a new report.
“In 2019, Boston would gain the reputation as being one of the only three U.S. cities to have two Four Seasons hotels within a one-mile distance,” the report states. “And in mid-2023, the first Raffles hotel in North America will open in Boston. This unique expansion of well-established luxury hotel brands is expected to continue and elevate the city’s status as a destination for luxury hospitality.”
As a result, Boston’s luxury hotels command a 10.2% average ADR premium over the broader U.S. luxury market. “The sector’s outperformance signifies its ripeness for investment with plenty of opportunity available over the long term as the city continues to evolve,” according to JLL.
Pictured: A suite at the Ritz-Carlton, Boston.
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