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Boston’s Fairmont Copley Plaza Trades for $170M
Bethesda, MD-based RLJ Lodging Trust sold the 383-room Fairmont Copley Plaza in Boston, MA for $170 million or approximately $444,000 per key to an undisclosed buyer. The sale price represents roughly a 4.6% capitalization rate on the hotel’s 2017 projected net operating income.
The property is located at 138 St. James Ave., in the heart of Boston’s Back Bay on Copley Square. The company intends to use the net proceeds from the sale for general corporate purposes, with a focus on paying down debt.
RLJ Lodging Trust’s Ross H. Bierkan says, “The disposition of this asset is consistent with our objectives of selling non-core assets and unlocking shareholder value. We remain committed to our disposition strategy, and we look forward to announcing further asset sales as they materialize.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition