AWH Partners, Joy Construction Corporation and Maddd Equities Aquire Three Boston Holiday Inn Hotels
AWH Partners, LLC, Maddd Equities, LLC and Joy Construction Corporation announce the purchase of three Holiday Inn (NYSE: IHG) hotels in the Boston suburbs, Holiday Inn & Suites Boston-Peabody, Holiday Inn & Suites Marlborough and Holiday Inn Boston-Dedham Hotel and Conference Center in an off-market transaction. Spire Hospitality, AWH's full-service hospitality management company, is now managing the properties. The group signed long-term franchise agreements with IHG and will begin extensive renovations to each of the hotels, including upgrades to the guest rooms, common areas and meeting space.
“The acquisition of these three Holiday Inns continues our approach of investing in value add hotel opportunities and substantially repositioning them physically and operationally,” says Jon Rosenfeld, principal of AWH Partners. “This purchase is exciting for us, as it is our first deal in the Boston area and expands our footprint into another major market.”
“We are very excited to be partnering with AWH on the acquisition of this portfolio in Boston” says Eli Weiss, principal of Joy Construction. “As one of the nation's oldest and most successful cities, Boston is a dynamic market with both positive growth drivers and high barriers to entry. We look forward to the renovated and repositioned product that, we expect, will yield an attractive return on our investment.”
Located in activated urban infill and suburban locations surrounding Boston, one of the nations' leading hotel markets, the Holiday Inn & Suites Boston-Peabody, Holiday Inn & Suites Marlborough and Holiday Inn Boston-Dedham Hotel and Conference Center together have a total of 555 guest rooms and 8,000 square feet of event and meeting space.