Texas-Based Hotel REIT Buys Watertown Residence Inn for $71 Million

by | Oct 4, 2018 | Commercial Real Estate News

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Texas-Based Hotel REIT Buys Watertown Residence Inn for $71 Million

Hotel real estate investment trust Summit Hotel Properties purchased a Residence Inn by Marriot in Boston suburb Watertown for $71 million, or about $473,000 per unit.

The Austin, Texas-based firm acquired the hotel from its developer, locally based Boylston Properties. Boylston broke ground on the 150-key Residence Inn, located at 564 Arsenal St., in 2015 and completed construction a year later.

The Residence Inn is Summit’s third Boston-area…

Article From: "Key Realty Commercial Real Estate News"   Read full article