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US: Pennsylvania-based Hersha Hospitality Trust has bought the Envoy Hotel, a boutique hotel in Boston’s Seaport District, for $70.8 million.
US: Pennsylvania-based Hersha Hospitality Trust has bought the Envoy Hotel, a boutique hotel in Boston’s Seaport District, for $112.5 million.
Hersha’s purchase price equates to $827,205 per key for the 136-room property, the secomnd highest price per key for a Boston asset, after the Mandarin Oriental at $945,945. The seller was Norwich Partners, a hotel development and investment firm with offices in New Hampshire and Florida.
Hersha owns and operates 55 hotels in large East Coast markets including Boston, New York, Philadelphia, Miami and Washington, D.C.
The Envoy Hotel was the first developed building in the 20-block master-planned Seaport Square, and opened last July. It sits between The Barking Crab seafood restaurant and One Seaport, an $800 million residential and retail development.
www.hersha.com
