Boston Hotel Sells to Blackstone for $75M

Blackstone Group LP has purchased the 178-room Club Quarters Hotel in Boston for $74.4 million, which equates to $423,707 per key. Masterworks Development Co. of New York sold the property, which is located at 161 Devonshire St.

Blackstone is not the only entity interested in acquiring hospitality properties in Boston.  The market has been hot, driven by blockbuster acquisitions and significant interest among foreign buyers. Last month, Mandarin Oriental Hotel Group announced it would exercise an option to acquire the Mandarin Oriental Boston, at 776 Boylston St., for $140 million. Additionally, Gencom acquired Ames Boston Hotel at 1 Court St. in December.