, the third largest hotel real estate investment trust, today announced that it has finalized the purchase of two metro-Boston area Hilton branded hotels. As previously disclosed, the two properties were bought for $15.2 million, or $74,000 per room. The purchase price includes an additional investment of $1.1 million for the refurbishment of the hotels. The Company expects that the acquisition of these hotels will be slightly accretive to its 2005 funds from operations.
The acquired hotels include a Homewood Suites and a Hampton Inn, both in Peabody, Massachusetts, a suburb 12 miles north of downtown Boston. Collectively, the two hotels have an average age of six years and will add 206 rooms to the Company’s hotel portfolio.