Torrington Plans Residential Conversion of Danvers Residence Inn

JLL Capital Markets arranged the $13.5-million sale and financing of the 96-room Residence Inn Boston North Shore/Danvers, an extended-stay hotel with approved conversion rights to an 88-unit multifamily residential community. The property is located at 51 Newbury St. in Danvers, MA, approximately 20 miles north of Boston.

JLL represented the seller, an affiliate of PEG Companies, Inc. Torrington acquired the asset and plans to move forward with a multifamily conversion after an initial period of continued hotel operations under the Residence Inn brand. JLL also worked on behalf of Torrington to secure financing for the acquisition.

The JLL Capital Markets team included Hotels & Hospitality Senior Managing Director Alan Suzuki and Managing Director Matthew Enright; Managing Directors John Flaherty and Jon Bryant, who represented the multifamily investment perspective; and Associates Michael Schwarze and Anthony Nakhle. The Debt Advisory team that arranged the acquisition financing included Director Michael Shepard, Director Ryan Parker and Associate Hunter Cuthbertson.

“The North Shore continues to benefit from its position as a high-barrier suburban alternative to Boston, with strong fundamentals supporting both hospitality and residential demand,” said Suzuki. “Torrington recognized the value in acquiring an income-producing hotel asset with a de-risked pathway to capitalize on severe housing supply constraints and robust rental demand in one of Greater Boston’s most connected suburban markets.”