Real estate investment trust Moody National REIT I is planning to acquire Hampton Inn Boston for $57m, which does not include the acquisition cost.
Hampton Inn Boston is situated close to Boston Logan International Airport and is in close proximity to Boston convention centre, major companies and attractions.
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The 227-room hotel features an indoor heated swimming pool, fitness centre and various dining options. Its meeting room can comfortably accommodate 50 people.
All rooms in the hotel are designed as accessible with various facilities such as access rolls and tubs in suites, among others. All rooms offer free internet access.
According to REIT, the acquisition is subject to substantial conditions to closing, which includes funding the company needs to gather to materialise the deal and the absence of a material adverse change to the Hampton Inn Boston before the date of the acquisition.
REIT CEO Brett Moody said: "Boston’s hotel market continues to experience double digit revenue per available room (RevPAR) growth due to its high occupancy levels with increasing average daily rate (ADRs) and minimal supply increase.
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By GlobalData"For the first quarter in 2015, Boston led the nation in RevPAR growth with a 20% increase year over year."
However, REIT also highlighted there is no assurance if the deal will materialise.
Mr Moody said: "Boston has a well-diversified economy and will remain strong as the healthcare, technology and education sectors continue to solidify their presence in the city.
"We think Boston is poised to have several growth years ahead in the hospitality sector."
Image: Hampton Inn Boston. Photo: courtesy of PR Newswire.
