Yesterday, Moody National REIT I (the REIT) announced a contract with plans to purchase the Hampton Inn Boston for an aggregate purchase price of $57 million excluding acquisition costs.
The 227-room Hampton Inn hotel is five miles from downtown Boston and a short drive from Boston Logan International Airport. The REIT expects to benefit from this close proximity, as the airport has been ranked the 18th busiest in the country by Airports Council International.
“Boston’s hotel market continues to experience double digit RevPAR growth due to its high occupancy levels with increasing ADR and minimal supply increase,” says Brett Moody, CEO and chairman of the REIT. “For the first quarter in 2015, Boston led the nation in RevPAR growth with a 20 percent increase year over year.”
“Boston has a well-diversified economy and will remain strong as the health care, technology, and education sectors continue to solidify their presence in the city,” says Moody. “We think Boston is poised to have several growth years ahead in the hospitality sector.”
