"We've got a lot of confidence in the Boston market," Jay H. Shah, Hersha's president and chief operating officer, tells GlobeSt.com. Shah says the South Boston property, which opened just a month ago, was purchased from Jiten, the hotel's developer, for an undisclosed price which stretched into several million dollars.
Jiten, a locally based developer and operator of Marriott-branded hotels in New England, will manage the acquisition, which opened in June 2004. The purchase also includes a 4,000-sf restaurant.
"As our fourth property in the Boston metro area, this brand new hotel affords us additional opportunities to take advantage of cross-selling opportunities and other operating synergies" Shah says. "We believe the South Boston market has a lot of potential. It's going to be a strong producer." Located off Intrastate 93 at 63 R Boston St. just one mile from Downtown, the six-story hotel is adjacent to the 451,000-sf South Bay Shopping Center and is within one mile of Boston Medical Center. Within one mile of the premises is the Bayside Expo Center and within two miles is the 1.6-million-sf Boston Convention and Exhibition Center.Hotel amenities include complimentary on-site parking, a 24-hour market, indoor swimming pool, wireless Internet access, as well as 700 sf of meeting space. Hersha also owns the Marriott Residence Inn in Framingham and the Four Points Sheraton Hotel at Logan Airport along with hotels in Washington, DC. Shah says that while Hersha currently has no plans to add additional hotels to its Boston portfolio, "we're certainly keeping our eyes peeled."
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