The building dates back to 1893 and was built as the Ames Agricultural Tool Co. building. It is listed on the National Register of Historic Places and was considered Boston's "first skyscraper" since it was Beantown's tallest building from 1893 until 1915. It is the second tallest masonry load bearing wall structure in the world. In June 2008, then owners Morgans Hotel Group, Normandy Real Estate Partners and Ames Hotel Partners announced they would invest $75 million to convert the storied office building into a hotel. At the time of the sale, which closed last Friday, Stepstone Hospitality was the manager of the property.

"The Ames Boston Hotel is an irreplaceable asset with a prime location in the heart of Boston," says Colantonio, a native of Boston. "We continue to have a healthy appetite for quality assets, located in major urban areas with high barriers to entry and with high return on investment potential. Following the completion of the renovation and the implementation of Gemstone's proprietary marketing and operations programs, the hotel will be well positioned to become the leading destination for upscale, discerning travelers to this market."

He adds that the partnership with Gemstone on the deal was critical because Gemstone knows the Boston hotel market well, considering it is the manager of the Copley Square Hotel here. The deal marks the entrance into the Boston market by Gencom.

"The Boston hotel economy is quite vibrant and continues to expand, notes Gemstone principal Jeff McIntyre. "We will bring to bear some unique approaches to create one of a kind guest experiences—taking advantage of everything this hotel and its special location have to offer. The Ames is truly a one-of-a-kind hotel, and we intend to clearly distinguish it in a marketplace known for its iconic hotels and hospitality."