Chicago-based Oxford Capital Group has sold the Godfrey Hotel in Boston’s Downtown Crossing to Hamburg-based Union Investment Real Estate. And according to Banker and Tradesman, the deal may be one of the most expensive ever completed for a Boston hotel at $718,000 per room for a total of $173.9 million.
Oxford Capital bought the Amory and Blake buildings containing office and retail space in 2012 for $23.25 million and launched a renovation to turn the assets into a hotel that, the site claims, would capitalize on the revitalization of the Downtown Crossing neighborhood. The new 242-room hotel is now scheduled to open this winter.
The hotel market in Boston is reportedly seeing a rise in occupancy rates and room fees. Andrea Foster, SVP with Marcus Hotels and Resorts, told the site that the current occupancy rate is nearly 77 percent, compared with the national average of 66 percent. Nearly 4,000 additional hotel rooms are expected to be completed in the region by 2018.