Bethesda, Md.-based Host Marriott Corp. has purchased the 1,139-room Boston Marriott Copley Place for $214 million. The price includes the assumption of $97 million in debt.
The Boston Marriott Copley Place, which opened in 1984, is located in the Back Bay district of Boston across from Copley Place Shopping Galleries. The acquisition brings the number of 1,000-plus room properties that Host Marriott owns to nine.
"This investment is another example of our strategy of acquiring high-quality, large urban hotels in difficult-to-replace locations at a significant discount to replacement cost," says CEO & president Christopher Nassetta. "The Boston market has been particularly soft during the last year, with the hotel’s cash flow down approximately 35% from 2000 levels. As a result, we believe there is meaningful upside potential over the next several years as the Boston market recovers."