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The sale consists of a contractual sales price of $185 million and the release of $3.5 million in member deposits. The total consideration represents approximately $521,000 per key, RLJ Lodging reports.
CBRE/New England, combined with the Purpura-led team, manages more than 100 million square feet of commercial property and corporate facilities and has more than 1,200 employees.
The 204-room James hotel is a component of the Armature Works project that is being developed on a 2.43-acre site adjacent to the NoMa-Galludet U. Metro stop between Union Market and H Street.
iStar says it has already invested $300 million and has acquired 35 acres of land in Asbury Park in what has become its chief executive officer Jay Sugarman's 10-year, multibillion-dollar redevelopment plan for the Asbury Park boardwalk area.
Orange County Executive Steven Neuhaus reported on Wednesday evening that Great Wolf Resorts, Inc. of Madison, WI is considering building a major indoor water park resort in southern Orange County.
The Statler is now a 159-room Hilton Curio Collection Hotel featuring a 14,000-square-foot ballroom with 10,000 square feet of meeting space, six restaurant venues and two roof pool decks.
Originally built as The Stillings Building in 1901 by the Boston Wharf Co., the brick, post and beam property was redeveloped into the Residence Inn Boston Downtown Seaport.