News: Construction Design & Engineering
Posted: October 15, 2008
MHG, Normandy and Ames Hotel Ptrs. enter JV for new hotel project
Morgans Hotel Group Co., Normandy Real Estate Partners and Ames Hotel Partners have entered a new joint venture to develop The Ames Hotel. The Ames, located near Government Center, Boston Common and Faneuil Hall, will be operated by MHG under a long-term management contract and is expected to open in the third quarter of 2009. The Ames will represent a new addition to the MHG brand portfolio.
The total development budget for the project is $75 million with MHG committing $10 million for a 35% interest in the joint venture. The project is expected to qualify for federal and state historic rehabilitation tax credits. Normandy has closed on a development loan from UBS for up to $46.5 million.
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The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
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