Sale of boutique Cambridge, Massachusetts hotel closed by HFF
BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Hotel Tria, a 121-room Best Western Plus Hotel in Cambridge, Massachusetts.
HFF marketed the property on behalf of the seller, Boston-based KW Development LLC, who has developed, owned and managed several hotels throughout New England since its inception in 1984.
The Hotel Tria was completely redeveloped and expanded in 2009 from a 69-room limited service hotel to a 121-room boutique hotel with brand new furnishings, mechanical systems and public space. The four-story hotel features Hotel Tria Bar 220, Starbucks Café, complimentary hot breakfast, complimentary high speed Internet access, complimentary shuttle service, complimentary parking, a business center, fitness room and two meeting rooms totaling 1,014 square feet. The Hotel Tria is situated on Alewife Brook Parkway within walking distance of the MBTA Alewife Station, providing access to Harvard Square, Davis Square, Kendall Square and downtown Boston. Local demand drivers include Harvard University, MIT and Tufts University, all of which are within three miles of the property. In addition, the hotel is situated in the West Cambridge office and laboratory submarket providing corporate demand from biotechnology and life science companies, Biogen Idec, Novartis, Pfizer and Sanofi/Genzyme and others such as Raytheon and Forrester Research.
The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.
About KW Development LLC
KW Development LLC (KW) was formed in 1984 to develop, own and manage lodging properties and commercial real estate. KW is an award winning hotel development and management company that has consistently been the market leader in operating performance and guest satisfaction. The company has received numerous awards from Marriott International, Choice Hotels, U.S. Franchise Systems and Best Western International for its portfolio of limited service, select service and extended stay hotels throughout New England. KW has developed, owned and/or managed 13 hotels and sold a six property portfolio in 2006 for $60,000,000. It since has acquired, renovated and expanded the successful Hotel Tria Best Western Plus in Cambridge, Massachusetts, the Sheraton Four Points Boston/Logan Airport in Revere, Massachusetts and The Best Western at historic Concord, Massachusetts. They also currently have two new hotel projects under development, both of which are expected to open in early 2017; a Hampton Inn and Suites in Waltham, Massachusetts and a Marriott Residence Inn in Braintree, Massachusetts. KW also owns several other commercial real estate assets.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national 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.