Certares, a global investment firm focused exclusively on the travel and hospitality industries, has acquired the 390-room Hilton Boston Back Bay, inclusive of a 209-space parking garage, for $171 million. This acquisition was made in partnership with Belcourt Capital Partners. Together, the two companies have plans to modernize the hotel’s facilities through a comprehensive CapEx program to enhance the overall guest experience.
Located in Boston’s historic Back Bay neighborhood, the hotel is close to Fenway Park, Symphony Hall and upscale dining and shopping in the Prudential Center and on Newbury St. Additionally, the hotel benefits from nearby transportation hubs, such as Back Bay Station, South Station and Logan International Airport.
“Boston is one of the only true ‘seven-day-a-week’ lodging markets in the U.S., with demand driven by a diverse set of corporate and leisure travelers,” said Nolan Hecht, senior managing director/head of real estate, Certares. “The city is home to major corporate tenants; world-class colleges and universities; numerous leading medical centers; state-of-the-art life science facilities; and a wealth of after-work and weekend leisure activities, making this an incredibly attractive investment. We look forward to deploying our extensive industry knowledge in travel and hospitality to add value for our investors while creating the best possible experience for guests.”
Mike Kusy, director, Certares, said of the company’s 12th hotel purchase, “This acquisition aligns with our strategy to acquire high-quality, well-located assets poised to benefit from targeted capital improvements and hands-on asset management. The Hilton benefits from an irreplaceable location within one of the top submarkets in the country, and we’re excited to further enhance the hotel’s already strong market presence.”
Tom Naughton, founder/partner, Belcourt, said, “We are delighted to partner with Certares in this milestone acquisition. The Hilton Boston Back Bay is a city landmark for business and leisure travelers alike, and our deep roots in the Boston lodging market make us an ideal ownership partner to see the hotel through its next phase of improvement.”
Lauren Merhaut, partner, Belcourt, added, “We are excited to effectuate our business plan in this unique opportunity within one of the most sought-after hotel markets in the country.”
