December 1, 2020
Xenia Hotels & & Resorts has actually marketed the 245-room Hotel Commonwealth in Boston’s Kenmore Square. The sales cost was $113 million. The purchaser was not divulged.
The Orlando-based realty financial investment trust fund got the hotel in 2015 for $136 million. The resort, which opened up in 2003, is located close by Boston’s Fenway Park, Boston College, Back Bay, Longwood Medical Area and Newbury Road.
“Our high-grade profile has afforded us the possibility to produce significant extra liquidity and equilibrium sheet flexibility as the COVID-19 pandemic has profoundly affected our Firm and also the accommodations sector in its entirety,” stated Marcel Verbaas, CEO at Xenia. “The sale of Resort Republic at an extremely eye-catching valuation, especially offered the existing unsure operating atmosphere, is representative of the value embedded in our profile.”
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