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Hersha Pays $112M for Boston’s Envoy Hotel
Hersha Hospitality Trust acquired the 136-room Envoy Hotel from the property’s developer, Norwich Partners. Though the original sales price quoted on the property was $70.8 million, a source with Norwich told Connect Media that the Pennsylvania-based buyer paid $112.5 million for the boutique hotel in Boston’s Seaport district.
The Envoy Hotel opened July 2015, and was the first operational asset in the 20-block, master-planned Seaport Square. The property at 70 Sleeper St. is situated between The Barking Crab, a restaurant, and the $800 million, mixed-use One Seaport.
Hersha’s closing is the latest in a series of high-dollar hotel transactions taking place in the Boston area. The Godrey Hotel Boston closed for $173.9 million in December 2015, as did the Mandarin Oriental Boston, which sold for $125 million.
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- ◦Sale/Acquisition
