By Veronica Grecu, Associate Editor
Shortly after scooping three high-quality lifestyle boutique hotels for a whopping $245 million, Xenia Hotels & Resorts, Inc.is set to add a new hotel to its growing hospitality portfolio.
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Hotel Commonwealth Boston
The Orlando-based REIT will invest $136 million to purchase Hotel Commonwealth, a luxury independent hotel located in Boston’s desirable Kenmore Square neighborhood, between Fenway Park and Boston University. According to the company, the acquisition is part of Xenia’s strategy to expand its collection of lifestyle boutique hotels. The transaction is expected to close in early 2016.
“With the addition of this hotel, the upcoming completion of our Grand Bohemian Hotels in Mountain Brook and Charleston and our recent acquisition of the three Kimpton hotels in Portland, Philadelphia and Santa Barbara we have successfully increased our presence in the lifestyle boutique segment across a number of dynamic lodging markets, which is a key component of our strategy,” said Marcel Verbaas, president and chief executive officer of Xenia Hotels & Resorts.
Hotel Commonwealth’s current owner, Denver-based Sage Hospitality, will continue to manage the 149-room hotel once the transaction closes in early 2016. As reported by the Boston Herald, Sage purchased Hotel Commonwealth for $79 million from Boston University in December 2012.
Located at 500 Commonwealth Ave. and just a fly ball away from Fenway Park, the upscale accommodation facility has garnered multiple accolades since opening 12 years ago. In 2014 Hotel Commonwealth was named the Official Hotel of the Boston Red Sox.
The hotel is currently undergoing an expansion process that will add a new six-story wing with 96 additional guest rooms, over 7,000 square feet of indoor meeting space, nearly 1,700 square feet of outdoor patio space, as well as a three-level parking garage.
Image via Hotel Commonwealth
