trending Market Intelligence /marketintelligence/en/news-insights/trending/TJQYRuKgjKVChALhOuAEyw2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Hersha Hospitality confirms Envoy Hotel acquisition

Commercial Real Estate: 2020 Review

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Hersha Hospitality confirms Envoy Hotel acquisition

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.