Business & Finance

HFF Closes Sale of Courtyard Boston Logan Airport Hotel in Boston, Massachusetts

NEW YORK, N.Y. February 21, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Courtyard Boston Logan Airport, a 351-room, full-service, Marriott-branded hotel in Boston, Massachusetts, near Boston Logan International Airport.

HFF marketed the property on behalf of the seller, affiliates of Rockwood Capital, LLC.

Located at 225 William F. McClellan Highway, Courtyard Boston Logan Airport is situated in East Boston, 2.5 miles north of Boston Logan International Airport and within five miles of downtown Boston. Additionally, the property is located along Route 1A, which connects to downtown Boston via the Sumner and Ted Williams Tunnels. The hotel was built in phases and comprises 12-story and 11-story guestroom towers connected by a two-story, multi-use building. The hotel features 2,257 square feet of function space, an indoor swimming pool, fitness room, business center, complimentary shuttle service and Brinkley’s Restaurant & Lounge.

The HFF investment sales team was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, managing director Denny Meikleham and directors KC Patel and Alan Suzuki.

“The Logan Airport lodging market continues to be one of Boston’s best-performing submarkets,” Meikleham said. “Courtyard Boston Logan Airport has consistently out-performed other airport hotels because of its location, quality, Marriott affiliation and management team. HFF has a long-term relationship with both the buyer and seller and viewed this acquisition as a ‘win-win’ for both entities.”

About Rockwood Capital

Rockwood Capital, LLC is a real estate investment management firm, founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $23.2 billion of real estate through ten value-add vehicles and eight separate accounts. Today, Rockwood is an 82-person real estate investment firm with offices in New York, New York; San Francisco, California; Los Angeles, California; and Seoul, Korea, that manages a portfolio of approximately $3.6 billion of net equity value in approximately $8.8 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices. Learn more at rockwoodcap.com.

About HFF

Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Coming Up In The September Online Hotel Business Review




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Feature Focus
Hotel Group Meetings: Blue Skies Ahead
After a decade of sacrifice and struggle, it seems that hotels and meeting planners have every reason to be optimistic about the group meeting business going forward. By every industry benchmark and measure, 2017 is shaping up to be a record year, which means more meetings in more locations for more attendees. And though no one in the industry is complaining about this rosy outlook, the strong demand is increasing competition among meeting planners across the board – for the most desirable locations, for the best hotels, for the most creative experiences, for the most talented chefs, and for the best technology available. Because of this robust demand, hotels are in the driver’s seat and they are flexing their collective muscles. Even though over 100,000 new rooms were added last year, hotel rates are expected to rise by a minimum of 4.0%, and they are also charging fees on amenities that were often gratis in the past. In addition, hotels are offering shorter lead times on booking commitments, forcing planners to sign contracts earlier than in past years. Planners are having to work more quickly and to commit farther in advance to secure key properties. Planners are also having to meet increased attendee expectations. They no longer are content with a trade show and a few dinners; they want an experience. Planners need to find ways to create a meaningful experience to ensure that attendees walk away with an impactful memory. This kind of experiential learning can generate a deeper emotional connection, which can ultimately result in increased brand recognition, client retention, and incremental sales. The September Hotel Business Review will examine issues relevant to group business and will report on what some hotels are doing to promote this sector of their operations.