Hodges Ward Elliott (HWE) has completed the sale of a hospitality portfolio consisting of the Capitol Hill Hotel, a 153-room independent hotel located adjacent to Capitol Hill, and the Holiday Inn Express & Suites Boston, a 112-room hotel located in Cambridge, MA.
“The Washington, DC and Boston markets consistently outperform in the wake of market shocks, making both favorites of the investment community in times of crisis,” said Cyrus Vazifdar, managing director, HWE. “The Capitol Hill Hotel has a history of phenomenal performance and sits next to arguably the country’s most consistent demand generator. Similarly, the Holiday Inn Express and Suites Boston-Cambridge is incredibly well-located in the heart of Cambridge, in the epicenter of higher education and proximate to Boston’s most popular attractions. We’re pleased to announce this sale on behalf of our client, which is the latest signal that the hospitality investment market continues to improve.”
An HWE team led by Vazifdar, in addition to Jay Morrow, managing director; Michael Tormey, SVP; and Alex Yiankes, analyst, represented the seller, Hersha Hospitality Trust, in the transaction. Additionally, HWE’s capital markets team sourced the acquisition financing for the buyer.
The Capitol Hill Hotel sits in the center of the Capitol Hill Historic District. The property also sits across from the Library of Congress and is near Washington, DC sites. The Holiday Inn Express & Suites Boston-Cambridge is within walking distance of the Museum of Science and Kendall Square and is also near TD Garden and the USS Constitution Museum.