{"id":1004158576,"date":"2016-11-08T06:40:46","date_gmt":"2016-11-08T14:40:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004158576"},"modified":"2020-05-13T23:08:20","modified_gmt":"2020-05-14T07:08:20","slug":"lowe-enterprises-acquires-2-boston-area-residence-inns","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lowe-enterprises-acquires-2-boston-area-residence-inns\/","title":{"rendered":"Lowe Enterprises Acquires 2 Boston-Area Residence Inns"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"Residence<\/a>

Residence Inn Boston Framingham<\/p><\/div>\n

Boston<\/strong>\u2014Lowe Enterprises Investors<\/a> recently announced that it has acquired, in a joint venture with a foreign investment client, two Residence Inn properties in the Greater Boston Area<\/a>.<\/p>\n

Adding up to 221 suites, Residence Inn Boston Framingham<\/a> and Residence Inn Boston Norwood Canton<\/a> traded for an undisclosed amount. Chris Miller and Russell Munn led the LEI investment team, while seller Hersha Hospitality Trust was represented by HFF\u2019s Managing Director Denny Meikleham and Director Alan Suzuki. Jon Larson of BBVA arranged financing and Stonebridge Cos. will act as property manager for the two hotels.<\/p>\n

Although financial details have not been disclosed, Middlesex County records show that the Framingham asset traded this month for a little over $18 million. According to Norfolk County records, Residence Inn Boston Norwood Canton last changed hands in 2006, the year it was built, for a price tag of $14.9 million.<\/p>\n

\u201cThese are solid-performing assets in major suburban Boston markets. Both properties have been recently renovated and are well-located near business centers and regional attractions providing a strong customer base,\u201d said Bleecker Seaman, co-CEO of LEI, in prepared remarks.<\/p>\n

\"Residence<\/a>

Residence Inn Boston Norwood-Canton<\/p><\/div>\n

The 125-key Residence Inn Boston Framingham is located at 400 Staples Drive and sits within the Framingham Technology Park, just off Interstate 90\/Massachusetts Turnpike. The property underwent a thorough renovation project in 2014.<\/p>\n

The four-story, 96-key Residence Inn Boston Norwood Canton is located at 275 Norwood Park South, 7 miles from the Gillette Stadium and just off Interstate 95. Completed in 2006, the hotel was completely renovated in 2013.<\/p>\n

Both hotels offer amenities including fitness centers, business centers, meeting rooms, fully-equipped kitchens, indoor pools and outdoor picnic areas with barbeque. LEI intends to further invest in the two properties, bringing common area and guest room upgrades.<\/p>\n

Images courtesy of Marriott<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The properties add up to 221 suites and are located off interstates 90 and 95, respectively. <\/p>\n","protected":false},"author":740,"featured_media":1004158584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21751,21742,10],"tags":[],"class_list":["post-1004158576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-hotel","category-latest","category-northeast"],"acf":[],"yoast_head":"\nLowe Enterprises Acquires 2 Boston-Area Residence Inns - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lowe-enterprises-acquires-2-boston-area-residence-inns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lowe Enterprises Acquires 2 Boston-Area Residence Inns\" \/>\n<meta property=\"og:description\" content=\"The properties add up to 221 suites and are located off interstates 90 and 95, respectively.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lowe-enterprises-acquires-2-boston-area-residence-inns\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-08T14:40:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T07:08:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Residence-Inn-Boston-Framingham.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"610\" \/>\n\t<meta property=\"og:image:height\" content=\"423\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-enterprises-acquires-2-boston-area-residence-inns\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-enterprises-acquires-2-boston-area-residence-inns\\\/\"},\"author\":{\"name\":\"Bogdan Odagescu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/b496539dc21c086e1deff9b417453162\"},\"headline\":\"Lowe Enterprises Acquires 2 Boston-Area Residence Inns\",\"datePublished\":\"2016-11-08T14:40:46+00:00\",\"dateModified\":\"2020-05-14T07:08:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-enterprises-acquires-2-boston-area-residence-inns\\\/\"},\"wordCount\":315,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-enterprises-acquires-2-boston-area-residence-inns\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/11\\\/Residence-Inn-Boston-Framingham.jpg\",\"articleSection\":[\"Boston\",\"Deals\",\"Hotel\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-enterprises-acquires-2-boston-area-residence-inns\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-enterprises-acquires-2-boston-area-residence-inns\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-enterprises-acquires-2-boston-area-residence-inns\\\/\",\"name\":\"Lowe Enterprises Acquires 2 Boston-Area Residence Inns - 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