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Investor Acquires the Only Two Hotels in Devens
JLL Capital Markets has closed the sale and arranged acquisition financing for the Hilton Garden Inn Devens and the SpringHill Suites Devens in Devens, MA. Terms of the sale weren’t disclosed.
A JLL team of Alan Suzuki, Matthew Enright and Emily Zhang represented the seller, RA Ventures. JLL’s Amy Lousararian and Hugh Doherty secured acquisition financing on behalf of the new owner through BankProv for the Hilton Garden Inn and through Avidia Bank for the SpringHill Suites. The hotels will be managed by Jamsan Hotel Management.
The 118-key Hilton Garden Inn Devens and 120-key SpringHill Suites Devens are located approximately 35 miles northwest of Boston. They benefit from proximity to numerous corporate demand drivers in the growing Devens innovation cluster.
“These well-located, high-quality assets attracted strong investor interest,” said Suzuki. “The buyer recognized the opportunity to acquire the only two hotels in Devens, positioning them to capitalize on the area’s continued growth in a market with high barriers to entry and constrained supply.”
- ◦Sale/Acquisition
