Hersha HospitalityTrust announced that it bought the 136-room Envoy Hotel in Boston'sSeaport District for $112.5 million.
The company said it plans to introduce a "more aggressive"revenue management approach at the property and re-evaluate guestroom touchpoints,service delivery, and food and beverage offerings.
Hersha funded the purchase with 1031 exchange proceeds from itssale of seven limited-service assets in Manhattan, N.Y., to its with China-based Cindat CapitalManagement Ltd., which produced $177 million in taxable gains for Hersha. The companyhas about $16 million remaining from the Cindat transaction, it said.
Boston Business Journalreported July 22 that the company acquired the property from Norwich Partners.The Envoy Hotel purchase adds to recent big-buck hotel deals in the area, includingthe $125 million acquisitionof the Taj Boston hotel by a New England Development-led consortium, the reportadded.