Financial details of the deal were not released, but McElroy notes that the property had been very well maintained by Terrace Trust and that the trust "received full recognition in the sale price of the care with which they had operated and maintained the property since its construction."
McElroy adds that the deal provides Linchris with an "advantageous position" in the Boston market from which he anticipates it will expand. "Linchris will leverage their operating skills to drive the value of this property higher over a long holding period," he says. The hotel is situated near Boston University, Boston College and the city's hospital community.
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