Chesapeake Lodging Trust, a lodging real estate investment trust, and Hyatt Hotels Corporation announced that Chesapeake Lodging Trust has acquired the 498-room Hyatt Regency Boston for a purchase price of $112 million, or approximately $225,000 per key, and will invest additional capital in renovations in the hotel, which is located in Boston, Mass. The companies have entered into a long-term management agreement and Hyatt will continue to operate the hotel under the Hyatt Regency flag.
James L. Francis, Chesapeake’s President and Chief Executive Officer, stated, “We are very excited that our first acquisition is located in the central business district of a strong gateway market like Boston. Hyatt Regency Boston is a well-maintained, high-quality asset that will continue to benefit from Hyatt’s brand strength and management expertise. We look forward to working with Hyatt as we continue to grow our portfolio.”
Steve Haggerty, Hyatt Hotels Corporation’s Global Head – Real Estate and Development, stated, “We are committed to the Boston market and are pleased that this agreement with Chesapeake Lodging Trust allows us to continue to serve our guests at Hyatt Regency Boston. We purchased this hotel with the intent to sell it to a strategic partner and secure a long-term management agreement to maintain a strong presence in Boston. This transaction allows us to accomplish that objective.”
Hyatt Regency Boston, located at One Avenue de Lafayette, is a full-service, upper-upscale property with contemporary guestrooms and suites featuring the luxurious Hyatt Grand Bed and more than 20,000 square feet of meeting and function space, including a 5,000 square foot grand ballroom. The 21-story hotel is well located within Boston’s Financial District and the Downtown Crossing at the intersection of Chauncy Street and Avenue de Lafayette, only blocks from some of Boston’s leading attractions and venues, including Boston Common, the Theater District, Chinatown and the Freedom Trail. The hotel is within walking distance to both of Boston’s convention centers, the Hynes Center and the Boston Convention and Exhibit Center.