BOSTON
Hersha Hospitality Trust, owner of upscale hotels in several urban gateway markets, announced it has acquired the 136-room Envoy Hotel in Boston for $112.5 million.
“We are very pleased to acquire the award-winning, Four Diamond Envoy Hotel in Boston’s Seaport District,” said Mr. Jay H. Shah, Hersha’s CEO. “The Envoy’s premiere waterfront location at the nexus of Boston’s Financial and Seaport districts leverages corporate demand from over 48 million square feet of office space, as well as 7-day-per-week leisure demand given the hotel’s proximity to Boston’s various tourist attractions and entertainment venues. World-class companies such as GE, which ranks 8th on the Fortune 500, and Vertex Pharmaceuticals have relocated their corporate headquarters to the city’s burgeoning Innovation District, now considered Boston’s fastest growing submarket. In addition, the development of popular restaurants, retail and residential have created a 24/7 atmosphere.”
The Envoy’s location straddles downtown Boston and the Seaport. The hotel is proximate to significant and diverse corporate demand in Boston’s Financial District and the Innovation District, the 516,000 square foot Boston Convention & Exhibition Center, and the U.S. Federal Courthouse, and within walking distance to Boston Common, Faneuil Hall, the North End and South Station.
The hotel is also only 3 miles from Logan International Airport.
The Envoy, recognized by USA Today as the “Best New Hotel in America,” and named the “Best New Hotel in Boston” by Forbes, features 136 rooms, all with floor-to-ceiling windows that showcase views of Boston Harbor, the Financial District and the North End. The Envoy is also home to the popular 6,000-square-foot Lookout rooftop bar, and the 3,900-square-foot Outlook restaurant and bar.
The Outlook and Lookout spaces can be reserved for private events of up to 275 guests.
The property is a fee simple asset for Hersha, acquired unencumbered of debt or management. The hotel is affiliated with Marriott’s Autograph Collection and leverages its distribution capabilities.
