RA Ventures has sold the 118-key Hilton Garden Inn Devens and the 120-key SpringHill Suites Devens in Devens, Mass., to Jamsan Hotel Management for an undisclosed amount. Other terms were not disclosed.
JLL Capital Market represented the seller in the transaction and secured acquisition financing for the buyer through BankProv. The hotels will be managed by Jamsan Hotel Management.
The 118-room Hilton Garden Inn Devens and 120-room SpringHill Suites Devens are located in Devens, approximately 35 miles northwest of Boston. The hotels benefit from their proximity to numerous corporate demand drivers in the growing Devens innovation cluster.
The Hilton Garden Inn Devens has the Great American Grill on-site restaurant, an indoor pool, fitness center with Peloton bikes, business center and 4,575 square feet of meeting space across five event rooms.
The SpringHill Suites Devens has complimentary breakfast, an indoor pool, fitness center and business center. The hotel is connected to the Devens Common Conference Center, which provides over 14,000-square-feet of flexible meeting and event space across 13 rooms, making it a popular venue for weddings, social events and corporate functions.
The JLL Capital Markets Investment Sales and Advisory team was led by managing director Alan Suzuki, senior director Matthew Enright and associate Emily Zhang. Managing director Amy Lousararian and associate Hugh Doherty spearheaded JLL's Debt Advisory team.
“These well-located, high-quality assets attracted strong investor interest,” Suzuki said in a statement. “The buyer recognized the opportunity to acquire the only two hotels in Devens, positioning them to capitalize on the area's continued growth in a market with high barriers to entry and constrained supply.”