Newton Marriott

Newton Marriott, Massachusetts, USA

A 430-key hotel in an infill submarket of Boston, Massachusetts.

Transaction Background

In July 2009, Rockpoint Fund III, in partnership with The Procaccianti Group and Charles River Realty Investors, acquired a 430-key hotel in an infill submarket of Boston, Massachusetts. The property includes approximately 20,000 square feet of meeting space, a three-meal restaurant and lounge, an indoor swimming pool, a fitness center and approximately 670 parking spaces. Between 2006 and 2008, the seller completed comprehensive renovations. The business plan included implementing aggressive improvements to hotel operations and completing an additional extensive property improvement program to upgrade the hotel guestrooms and building systems, renovate the restaurant and common areas, and complete exterior upgrades and improvements. In July 2010, Rockpoint sold the investment, generating strong returns for its investors.