Jones Lang LaSalle Arranges Sale of Hotel @ MIT
DECEMBER 7, 2007. On behalf of University Park Phase II Limited Partnership, a joint venture between Forest City Enterprises and the Massachusetts Institute of Technology, Jones Lang LaSalle Hotels is pleased to announce the sale of the Hotel @ MIT to the HEI Cambridge LLC, an affiliate of HEI Hotels & Resorts. Hotel @ MIT is located in the heart of Cambridge, MA and is adjacent to the campus of the world-renowned Massachusetts Institute of Technology. The property is Cambridge's most innovative hotel, combining high-tech amenities and contemporary architecture and d'ecor with hospitality. The hotel offers a three-meal, full-service restaurant, 15,000 square feet of indoor and outdoor meeting space, 24-hour business center and cyber-library, concierge and 24-hour fitness center.
In Cambridge, Hotel @ MIT serves as the anchor to the 2.3 million square-foot University Park, one of the nation's preeminent biotechnology research parks. The area enjoys expanding corporate demand from such companies as Millennium Pharmaceuticals, Aventis and IBM. Its proximity to Boston positions the hotel to benefit from an important U.S. port, a prominent center for medical education, treatment and research, and the nation's premiere center for advanced education. The property is also close to Boston's Back Bay and to numerous attractions including Boston Common, Fenway Park and Harvard Square.
"Boston's lodging market is thriving," said Jeff Davis, an executive vice president for Jones Lang LaSalle Hotels. "RevPAR has steadily increased over the last two years in Boston, and Cambridge's growth has been even more dramatic. This was an excellent investment opportunity."
"We see tremendous investor interest in Boston," said Alan Tantleff, an executive vice president for Jones Lang LaSalle Hotels, "Investors are very bullish on the market, yet there are few investment opportunities. It ranks among the most sought after markets for hotel investors in the country."
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