The recently renovated Whitney Hotel in Boston was sold by Related Companies in an off-market sale for $57 million to an affiliate of Egeria Group. The sale price represented $876,000 per key. Other terms were not disclosed. Boston Realty Advisors, an independent real estate brokerage in Massachusetts, represented the buyer.
The Egeria Group is an Amsterdam-based capital management firm and also owns the building across the street from the hotel, which is the longtime home of Beacon Hill Cleaners, along with six residential units above it.
"We have established a vast network of owners and investors that stretches globally and that includes Egeria Group, a private equity group based in Amsterdam," Kevin Benzinger, director of the Capital Markets Group of Boston Realty Advisors, said in a statement. “This asset represents a tremendous addition to Egeria’s U.S. real estate portfolio. We are excited to have represented them in this acquisition.”
The Whitney Hotel is a five-story, 65-room luxury boutique hotel at the Cambridge Circle entrance to Charles Street in Boston. Related Companies purchased the Whitney in 2016 and completed the first phase of renovation in 2019, reopening then. Work completed, and final finishes were completed this year.
The Whitney was revitalized and expanded from an existing hotel at the Corner of Charles Street and Cambridge Street.
The hotel is named for Henry Melville Whitney, who was born in 1839 and founded the West End Street Railway Company, which preceded the Metropolitan Transit Authority and today's MBTA. Whitney also founded the Dominion Coal Company Ltd. and the Dominion Iron and Steel Company of Sydney, Nova Scotia, according to a Wikipedia history. He was president of the Metropolitan Steamship Company, which linked Boston and New York City.