Tom Foley, John Siska and Jim O’Connell
of O’Connell Hospitality Group, LLC represented the owners of the 156 room
Courtyard by Marriott Hotel within the Logan International Airport market
north of Boston, MA. Total project cost for acquisition and upgrades
exceeds $8,250,000 or $52,884 per room. The seller, Atlanta-Boston
Lodgings, LLC and its parent company, Logian, Inc. of Atlanta, GA acquired
the former 120 room Comfort Inn in 1998, expanded the hotel and converted
it to the Courtyard by Marriott brand. OHG sold the hotel when the Seller
decided to divest non-core hotel assets within their portfolio. In
addition to exclusively representing the Seller, OHG introduced the Buyer,
Jiten Hotel Management to the sales opportunity. The hotel is situated on leased land within a hotel market that has been
battered by the effects of over supply of guestrooms and the lack of
corporate travel into the Boston market since 9/11/2001. “The new owners
are one of the premier Marriott franchisees in the New England area. They
understand how to work within the Marriott system and their local
knowledge of direct sales opportunities will help to turn the operations
around quickly,” said Jim O’Connell, Principal of O’Connell Hospitality
Group, LLC of Boston, MA.

OHG also represented the owners of the Residence Inn by Marriott,
Merrimack, NH, located 45 minutes north of Boston and sold the property to
Old Bayside Partners, LLC a regional hotel investor group. The combined
sale price and required capital investment equaled over $13 Million. “The
astute advisors that managed the hotel investment for an opportunity fund
took advantage of an exceptionally bullish market for hotel acquisitions,”
said O’Connell.

OHG believes that there will be a surge of transaction activity around
Metro Boston in 2004 and into 2005. “There are at least 18 properties in
various stages of the sales process along the two beltways around Boston.
We have experienced a bounce off the bottom and the financial performance
of most hotels in the Boston market will show significant year-over-year
improvement,” said Tom Foley, Sr. Managing Director of OHG.

O’Connell Hospitality Group, LLC is a full service real estate company
providing brokerage, finance and consulting services to the hospitality
industry. It represents public companies, financial institutions, equity
funds and private individuals across the United States with offices in
Boston, Dallas and San Diego. For additional company information please
visit http://www.oconnellhospitality.com/ or call (978) 777.8898.
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