KW Development Sells Three-Hotel Portfolio for $71.5 Million
WAYLAND, MA. May 17, 2016 - Robert Karol, President & CEO of Wayland, Ma. based KW Development LLC, is pleased it announce it has sold 3 of its Hotel assets to 3 different buyers for a combined $71,500,000. Their 121 room Hotel Tria Best Western Plus was sold in February, 2016. KW acquired this Hotel in 2008 and completed a multimillion dollar thorough renovation and expansion in 2009. By the time of its sale KW had substantially improved the property's performance creating value for itself and further upside for the Buyer.
In March, 2016, KW, founded by Karol in 1984, sold its 180 room Sheraton Four Points, Boston/Logan Airport in Revere, Ma. KW acquired a 50% interest in this asset in 2009. In 2012 it acquired the remaining 50%, completed a $3.5m renovation and restructured the business model which resulted in more than tripling the NOI in the last 3 years alone.
Last month, KW closed on the sale of its 105 room Best Western at Historic Concord, Ma. It acquired this hotel in 2014, completed a guest room renovation and implemented a new marketing strategy substantially increasing the NOI here as well.
Karol said, “the decision to sell was a difficult one in each case They are excellent assets, but the timing was right based on market conditions and for our Investors. We are very proud of what we were able to accomplish at all 3 locations.
As was the case in 2006 when it sold a 6 Hotel portfolio for a combined $60m, this is part of a growth strategy for KW. It currently has 2 new properties under construction directly off route 128 in key suburban Boston markets; a 140 room Hampton Inn & Suites in Waltham, Ma. and a 140 room Marriott Residence Inn in Braintree, Ma. Both are slated to open next Spring, 2017.
Added Karol, “We are very excited about our 2 newest projects. These are leading brands in the Limited Service and Extended Stay segments respectively, and both great locations and markets. We are very fortunate to have been able to take advantage of the strong lodging market in the sale of existing assets and the development of these new ones, our 14th and 15th hotel projects”.
Denny Meikelham and Alan Suzuki of HFF represented KW in all 3 sales.
Contact:
Robert Karol
President & CEO
KW Development
508-358-2090
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