News: Front Section
Posted: March 24, 2023
HREC sells 93-room Holiday Inn Express to Jamsan Hotel Management
Woburn, MA HREC Investment Advisors arranged the sale of the 93-guestroom Holiday Inn Express North Woburn. Jamsan Hotel Management acquired the property.
HREC Investment Advisors exclusively represented Woburn Lodging, LLC. The marketing and negotiations were led by Jim O’Connell, principal and broker of record, and Brendan Collins, vice president, both located in the HREC Investment Advisors’ Boston office.
“We are very pleased to have been able to assist Woburn Lodging, LLC with the sale of their hotel. They acquired the asset and undertook an extensive renovation and conversion to a Holiday Inn Express and spent millions of dollars to improve the hotel. Additionally, they were able to attract a very substantial restauranteur to reposition the food and beverage operations for the project. Operated by Baywood Hotels, it became one of the top performing hotels along the Route 128 beltway around Boston,” said O’Connell.
The hotel is situated on a cloverleaf complex that has the highest daily traffic count in New England. It has access to I-93 and I-95 with a 10-mile drive into downtown Boston and access north to New Hampshire (20 miles) and a 45-minute drive to Maine.
Tags:
Front Section
MORE FROM Front Section
Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Columns and Thought Leadership
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
