Certares, a global investment firm focused exclusively on the travel and hospitality industries, purchased the 390-room Hilton Boston Back Bay, inclusive of a 209-space parking garage, for $171 million. Ashford Hospitality Trust sold the property. Other terms were not disclosed.
It is the company's 12th hotel acquisition. This acquisition was made in partnership with Belcourt Capital Partners. Together, Certares and Belcourt plan to modernize the hotel's facilities through a comprehensive capital expenditure program to enhance the overall guest experience.
Located in Boston's historic Back Bay neighborhood—one of the city's most popular commercial, retail and residential corridors—the hotel is proximate to Boston's most significant attractions, including Fenway Park, Symphony Hall, and upscale dining and shopping in the Prudential Center and on Newbury Street. Additionally, the hotel benefits from nearby transportation hubs, such as Back Bay Station, South Station and Logan International Airport.
"Boston is one of the only true 'seven-day-a-week' lodging markets in the U.S., with demand driven by a diverse set of corporate and leisure travelers," Nolan Hecht, senior managing director and head of real estate at Certares, said in a statement. "The city is home to major corporate tenants, world-class colleges and universities, numerous leading medical centers, state-of-the-art life science facilities and a wealth of after-work and weekend leisure activities, making this an incredibly attractive investment. We look forward to deploying our extensive industry knowledge in travel and hospitality to add value for our investors while creating the best possible experience for guests."
"This acquisition aligns with our strategy to acquire high-quality, well-located assets poised to benefit from targeted capital improvements and hands-on asset management," Certares Director Mike Kusy added. "The Hilton benefits from an irreplaceable location within one of the top submarkets in the country, and we're excited to further enhance the hotel's already strong market presence."