Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTFORD, MA-Providing a bit of life for the investment sales market, a 108-suite Residence Inn here has fetched $11.8 million for a local ownership group. Westford-based Ryan Development LLC divested the three-story hotel that it developed at 7 Lan Dr. nearly a decade ago to an affiliate of the Apple REIT Cos.

As with most other sectors, the pace of hotel sales has slowed after a hyperactive three-year stretch, even though industry professionals such as CB Richard Ellis hotel broker David McElroy say regional performance has not waned in the face of the difficult economy. “The fundamentals of lodging properties in New England continues to improve,” relays McElroy, yet the veteran broker and other observers accede that financing sources are skittish regardless of the solid results. The uncertainty has kept some owners from listing hotels for sale and requires an extra push to get deals in play over the finish line. In the case of the Westford Residence Inn, Apple REIT assumed debt of $7.1 million from LaSalle Bank to help facilitate the agreement.

True North Hotel Group of Overland Park, KS, will continue to manage the Westford Residence Inn for Apple REIT, True North’s CFO tells GlobeSt.com, but he did not comment on questions regarding details on the sale itself to Richmond, VA-based Apple. Calls to Apple and to Ryan Development principal Robert Walker were not returned by press deadline.

Apple has a national footprint for its vast hospitality portfolio, one that recently brought the REIT to another I-495 community when the firm paid $20 million for a four-story Residence Inn in Marlborough to developer David Leatherwood, as reported by GlobeSt.com. Sources indicate Apple continues to circulate through suburban Boston and may be close to additional hotel acquisitions.

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?


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.