Certares, an investment company with a focus on the travel and hospitality industries, has acquired the Hilton Boston Back Bay for $171m.
The 390-room hotel includes a 209-space parking garage and was acquired in partnership with Belcourt Capital Partners.
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This acquisition is part of a plan to modernise the hotel’s facilities through a comprehensive capital expenditure programme.
It also marks the company’s twelfth hotel purchase.
The Hilton Boston Back Bay is situated in Boston’s Back Bay neighbourhood. It offers guests easy access to attractions such as Fenway Park, Symphony Hall, and the Prudential Center, as well as dining and shopping on Newbury Street.
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The hotel’s location is further bolstered by its proximity to major transportation hubs, including Back Bay Station, South Station, and Logan International Airport, making it an attractive destination for both leisure and business travellers.
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By GlobalDataCertares senior managing director and real estate head Nolan Hecht said: “Boston is one of the only true ‘seven-day-a-week’ lodging markets in the US, with demand driven by a diverse set of corporate and leisure travellers.
“The city is home to major corporate tenants, world-class colleges and universities, numerous leading medical centres, state-of-the-art life science facilities and a wealth of after-work and weekend leisure activities, making this an incredibly attractive investment.
“We look forward to deploying our extensive industry knowledge in travel and hospitality to add value for our investors while creating the best possible experience for guests.”
Belcourt founder and partner Tom Naughton said: “We are delighted to partner with Certares in this milestone acquisition. The Hilton Boston Back Bay is a city landmark for business and leisure travellers alike, and our deep roots in the Boston lodging market make us an ideal ownership partner to see the hotel through its next phase of improvement.”
In July 2023, Certares completed the final closing of its first real estate hospitality fund, Certares Real Estate Holdings I LP, which garnered $284m in equity commitments.
