DENVER–Mission Hill Hospitality, a KSL Capital Partners portfolio company focused on transforming select-service and extended-stay hotel investing, announced it has acquired the Residence Inn and Fairfield Inn & Suites Boston Waltham in Massachusetts. Island Hospitality, the premier third-party management company for select-service and upscale, extended-stay hotels in the United States, will operate the hotels on behalf of Mission Hill Hospitality. These are the 17th and 18th hotels added to the Mission Hill Hospitality portfolio since the company was launched 12 months ago. Terms of the deal are undisclosed.
“We are very pleased to acquire recently built hotels of such high caliber, affiliated with industry-leading Marriott brands. The Boston-area biosciences and technology sectors are rapidly growing, and we are excited to expand our portfolio with an investment in this area,” said Mark Fraioli, Managing Director, Mission Hill Hospitality.
Located about 10 miles west of Boston, Waltham is a top corporate market for bioscience and technology, featuring more than 23 million square feet of office and lab space, with vacancy rates below 10 percent. The Waltham market also benefits from to the presence of Brandeis and Bentley Universities, which have a combined enrollment of more than 10,000 graduate and undergraduate students.
The five-story, 192-key Residence Inn and Fairfield Inn & Suites Boston Waltham was built in 2018 as a single-building, dual-branded hotel featuring enhanced lobby and lobby bar space, an indoor swimming pool and the newest extended-stay guestrooms in the market. Residence Inn features king studios with kitchens and modern workspaces; Fairfield Inn & Suites offers guests king or queen rooms and one-bedroom suites.
“With our specialization in operating extended-stay hotels and our deep experience in the New England market, we are uniquely prepared to quickly hit the ground running to continue driving improvements to the profitability of the Residence Inn and Fairfield Inn & Suites Boston Waltham,” said Gregg Forde, COO, Island Hospitality Management. “With these new additions, we currently manage five sister properties in Massachusetts and nine throughout New England. Our local expertise and ability to share knowledge and other intangibles will benefit the hotels as the hospitality industry continues to recover from the pandemic.”
The hotels are located at 250 Second Avenue, highly visible from I-95/Rt 128 and close to plentiful dining and entertainment options. Featuring a walkable, historic downtown core, Waltham offers travelers choices of 125 restaurants, bars and pubs. The hotels are also near multiple leisure attractions, including the Charles River Museum of Industry and Innovation, the National Archives at Boston, the Robert Treat Paine Estate and the Leonard Bernstein Festival of the Creative Arts at Brandeis University.