But for those who might be wondering what the closing will dofor the local hotel market, don't fear. Millennium Partners, whichowns the Ritz Carlton, is in the process now of completing its RitzCarlton Hotel & Towers, Boston Common, across the park from itscurrent asset. According to Boubee, ownership won't shut down the73-year-old lodging facility until the new one is ready to go.

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"Actually, the new hotel has fewer rooms than the old," saysBruce Ford, director of sales and marketing for National HotelRealty in Portsmouth, NH. "But there shouldn't be any negativeimpact. It'll be in the down season, so the crowd will beaccommodated." The hotel's rooms run from $350 to $450 nightly.

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While executives from ownership were unreachable by press time,Boubee explains that the renovation will entail a major renovationof all 275 guestrooms as well as the façade.

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.