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Värde Partners, Hawkins Way Capital Acquire Sheraton Boston Hotel
Värde Partners and Hawkins Way Capital have purchased 39 Dalton Street in the Back Bay neighborhood of downtown Boston, MA from Host Hotels & Resorts. The 29-story, 1.1-million square-foot property currently operates as the 1,220-key Sheraton Boston Hotel.
The acquisition is the sixth for the partnership, which has targeted more than $1 billion of value-add and distressed hospitality and housing assets in major US. cities.
“We will continue to leverage our hospitality, multifamily and student housing expertise to refresh and/or reposition assets such as the Sheraton Boston Hotel in order to seek to maximize value,” said Ross Walker of Hawkins Way Capital.
“Our strategy for the joint venture is to build a high quality, inflation protected and cash flow generative portfolio in major US cities,” added Francisco Milone, partner at Värde Partners. “The pandemic is driving this opportunity among distressed hospitality and select housing assets in gateway markets with high demand for certain alternative hospitality, residential and student housing products.”
- ◦Sale/Acquisition
