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BOSTON-Eagle Hospitality Properties Trust has paid $53.4 million to acquire the 273-room Embassy Suites Boston hotel at Logan Airport in a transaction that gives the Lexington, KY firm a foothold in the Boston market.

Bill Blackham, president and chief executive officer of the hotel REIT, says in a statement that the firm, which owns 12 other hotel properties in eight states and Puerto Rico, has been targeting Boston’s high barrier-to-entry market for some time.

“The Boston market is clearly in the early stages of an expansionary phase,” says Blackham, noting that the recent completion of the Boston Convention Center combined with the expansion of Logan International Airport and the redevelopment of the South Boston Waterfront has helped establish the city as one of the country’s premier urban markets. Blackham adds that as the only all-suite hotel in the airport submarket, the hotel is uniquely positioned to capture business from both corporate and leisure travelers.

Located at 207 Porter St., the 273-room hotel, the only branded Embassy Suites in Boston, was built in 2003 and features approximately 5,000 sf of meeting space, a 2,400-sf ballroom, and a 180-space on-site parking facility, along with a restaurant, lounge, indoor pool, and a fitness center.

Brian Guernier, senior vice president of acquisitions for the buyer, says the hotel, located just minutes from Downtown, Logan Airport, the Boston Convention Center, the Financial District and the city’s many historic sites, says the property was acquired well below replacement costs in a market that is rapidly experiencing recovery even while suffering from construction constraints.

“The Embassy Suites Boston fits squarely in our investment strategy of acquiring high-quality hotels in high barrier-to-entry urban and select resort markets,” he says. The hotel will be managed by Dallas-based Prism Hotels & Resorts, which currently manages more than 6,000 rooms for multiple owners in 11 states and the Caribbean.

In addition to its latest acquisition, Eagle Hospitality also owns hotels in Arizona, California, Colorado, Florida, New York, Kentucky, Ohio, Illinois and Puerto Rico.

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