JLL Capital Markets has successfully completed the sale and acquisition financing for two hotels in Devens, MA: the Hilton Garden Inn and SpringHill Suites. The terms of the sale were not disclosed.
The seller, RA Ventures, was represented by a JLL team consisting of Alan Suzuki, Matthew Enright, and Emily Zhang. On behalf of the new owner, JLL’s Amy Lousararian and Hugh Doherty secured acquisition financing through BankProv for the Hilton Garden Inn and Avidia Bank for SpringHill Suites. Both hotels will be managed by Jamsan Hotel Management.
Located approximately 35 miles northwest of Boston in Devens’ growing innovation cluster area, these high-quality assets with 118 keys at Hilton Garden Inn Devens and 120 keys at SpringHill Suites benefit from their proximity to various corporate demand drivers.
According to Suzuki: “These well-located properties garnered significant interest from investors.” He also added that “the buyer recognized an opportunity to acquire both hotels in this market with high barriers to entry.”
In summary:
– Two hotels (the only ones) located in Devens have been sold/acquired
– Terms undisclosed
– Seller represented by a team from JLL including Alan Suzuki et al.
– Acquisition financing secured through two banks on behalf of new owner
– Hotels will be managed by Jamson Hotel Management
