Posted 5/14/2012 - 7:44:17 AM
BOSTON–Hersha Hospitality Trust has agreed to acquire the 80-room Bulfinch in downtown Boston's West End neighborhood for $18.2 million or $228,000 per key.
The seller was the Cresset Group that developed the property in 2004. The cast-iron exterior of the hotel backs to 1798.
Hersha expects to invest $2.5 million in the hotel to upgrade guestrooms, improve the food and beverage platform, and fitness and business centers, while adding another guestroom. The transaction is expected to close this quarter.
Hersha, a lodging REIT, owns 67 hotels with an emphasis on major urban U.S. gateway cities.