Joint venture buys two Massachusetts Residence Inns

Two hotels in Massachusetts were sold in a deal between Hersha Hospitality Trust and Lowe Enterprise Investors. The hotels are both Residence Inn properties that were sold for a collective $32 million, with a joint venture between LEI and a foreign investment client acquiring the properties. LEI is a Los Angeles-based affiliate of national investment, development and management firm Lowe Enterprises.

The five-story, 125-suite Residence Inn in Framingham, Mass., was sold for $18 million. The hotel, which is located within Framingham Technology Park, completed a full renovation in 2014 and future improvements are planned by LEI, including upgrades to the property’s infrastructure, common area and guestrooms.

The second property is the four-story, 96-suite Residence Inn in Norwood, Mass., which was sold for $14 million.

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“Both properties have been recently renovated and are well-located near business centers and regional attractions providing a strong customer base,” Bleecker P. Seaman, co-CEO of LEI, said in a statement.

LEI is a frequent investor in the Boston area, and purchased the Hampton Inn Ann Arbor-South in Ann Arbor, Mich., in June. During the same period, the company acquired the Hampton Inn Jacksonville Downtown, in Jacksonville, Fla. Other recent acquisitions from the company include the Hampton Inn & Suites Charlotte-Arrowood Road in Charlotte, N.C.; the Hampton Inn Columbia Northeast-Fort Jackson in Columbia, S.C.; the Hilton Garden Inn – Atlanta NW Wildwood; the Hilton Garden Inn – Johns Creek; and the Hilton Garden Inn – Atlanta Northpoint.

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