Boston's trendy Revere Hotel has a new owner, a little more than 2 1⁄2 years after it debuted following a $29 million transformation of an undistinguished Radisson Hotel into the luxury boutique property.
Bethesda, Md.-based Pebblebrook Hotel Trust, owner of Boston's W Hotel, has bought the 356-room hotel, a lucrative 826-space attached parking garage and a vacant adjacent Stuart Street property for $260.4 million from New York's Northwood Investors.
The parking garage makes it difficult to decipher the strength of Pebblebrook's purchase on a per-room basis, the typical metric for hotel purchases, according to Matthew Arrant, executive vice president of Pinnacle Advisory Group, a Boston hospitality consulting firm.
"The parking garage is a really big component of the revenue stream," he said. "But (the total purchase price) is a testament to the strength of the Boston market right now and how far the market has come since Northwood bought (the hotel)."
Northwood acquired the hotel for $143.5 million in 2010.
It's a strong time for hotel sellers, with additional value gained because of the strength of the market overall, said Andrea Foster, vice president and New England practice leader of PKF Consulting USA.
"It's also a good time for buyers," she said. "With the future forecast for occupancy and rate projections, there's still upside for buyers in the next couple of years."
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