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Hotel Commonwealth in Boston Trades for $113M

Xenia Hotels & Resorts has sold the 245-room Hotel Commonwealth in Boston’s Kenmore Square. The sales price was $113 million. The buyer was not disclosed.

The Orlando-based real estate investment trust acquired the hotel in 2015 for $136 million. The hotel, which opened in 2003, is located nearby Boston’s Fenway Park, Boston University, Back Bay, Longwood Medical Area and Newbury Street.

“Our high-quality portfolio has afforded us the opportunity to create meaningful additional liquidity and balance sheet flexibility as the COVID-19 pandemic has profoundly impacted our Company and the lodging industry as a whole,” said Marcel Verbaas, CEO at Xenia. “The sale of Hotel Commonwealth at a highly attractive valuation, particularly given the current uncertain operating environment, is representative of the value embedded in our portfolio.”

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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