Pyramid Acquires Landmark Sheraton Framingham

The 373-room, eight-story Sheraton Framingham Hotel, which is situated on the Massachusetts Turnpike and Route 9 sold for an undisclosed price and will undergo approximately $8-million in renovation work under its new owners. Pyramid officials plan to upgrade all guest rooms and public areas, as well as construct a new executive meeting center at the 1657 Worcester Rd. property. The meeting center addition will allow the new owners to more aggressively target group businesses to assume a leadership position as one of the area's top meeting locations, says John Green, vice president and managing director of Pyramid Advisors.

"Framingham is a thriving residential community and a well established, yet growing corporate location, making it equally attractive to both business and leisure travelers," says Green, who also will serve as the property's general manager. Neither Pyramid Advisors, whose subsidiary acquired the property, nor the seller, Starwood Hotels, returned calls to GlobeSt.com in time for deadline.

The Boston-based hotel acquisition and management group has engaged in a recent frenzy of activity lately, scooping up a Hyatt Regency in Oak Brook, IL and engaging in renovations of other properties in Florida and South Carolina. Pyramid also manages the Boston Harbor Hotel and is the developer and owner of the Marriott Residence Inn Boston Harbor on Tudor Wharf in Boston and the Marriot Residence Inn, in Woburn. The firm also developed the Residence Inn Framingham on Staples Drive in the same city as its recent acquisition.