Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-Innkeepers USA Trust has acquired the Bulfinch Hotel in the historic Bulfinch Triangle. The Palm Beach, FL-based hotel trust, which has 70 other holdings in 20 states and Washington, DC, picked up the 80-room property from Cresset Merrimac LLC for $19.6 million.

Peter Willis, acquisitions manager for Innkeepers, tells GlobeSt.com that the “market was very attractive to us with recent trends showing very positive results.” Willis terms the acquisition “an opportunistic” purchase that allowed Innkeepers to get into the Boston market well below replacement cost. The city’s convention business and the gentrification of the Bulfinch Triangle area also offered the firm the opportunity to reposition the hotel in the Boston market, he says. It is the second buy in Massachusetts for the REIT, which also owns the Hampton Inn Boston, located in Woburn.

Innkeepers Hospitality Management Inc. will take over management of the property from Clarion. The hotel also is home to the Angus Steakhouse.

The triangular-shaped site, located at 107 Merrimac St. near the BankNorth Garden and Faneuil Hall, was originally built in 1904 as a six-story industrial building. Three additional stories were added in December 2004. Modeled after the Flatiron building in New York City, the interior was designed by Campion Platt.

The Bulfinch is just one of several boutique hotels that have recently changed hands here. In May, Bethesda, MD-based LaSalle Hotel Properties acquired the 112-room Onyx Hotel, also located in the Bullfinch Triangle, for $28.6 million. Independent hotel developers have also turned at least four other Boston properties, including the former Boston Police Headquarters on Berkley Street, into boutique establishments. Two other boutique hotels are either under construction or in the planning states Downtown.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.