Electra plans to brand the property as Hotel AKA Back Bay (AKA’s first in Boston) and to invest $20 million in design upgrades and renovations while the property remains open.
Jeffrey Davis, Alan Suzuki, Matthew Enright and Noelle DesLauriers of JLL represented the seller in the transaction. Kevin Davis, Barnett Wu and Jonathan Schneider also of JLL secured financing for the buyer through Oxford Properties Group.
“The strong response from the market for this opportunity demonstrated investor’s enthusiasm and conviction in the long-term fundamentals of the Boston lodging market,” said Suzuki.
“While the debt capital markets remain volatile, there is still strong debt liquidity for high-quality assets in prime locations, backed by great sponsorship,” said Kevin Davis. The property was built in 1924 as the Boston Police Headquarters.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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