Newton-Based Firm Acquires 2 Boston-Area Hotel Properties For $26M
JNR acquired the 125-room Residence Inn Boston Framingham for $15.8M and the 96-room Residence Inn Boston Norwood/Canton for $10.8M from Apex Capital Investment Corp., according to public records.
In a long-term franchise agreement with Marriott International Inc., JNR plans to renovate the two hotels' guest rooms, common spaces and exterior designs, according to a press release announcing the sale Tuesday. Both properties will remain open during the renovations.
Property records don't show when Apex Capital Investments took control of the hotels, but the properties appear to have last sold in 2016 for $32M. A joint venture of LEI, a Los Angeles affiliate of Lowe Enterprises, and a foreign investment firm that wasn't named in the sale bought the Framingham property for $18M and the Norwood one for $14M in 2016. The joint venture made renovations to both properties.
JLL's Alan Suzuki and Matthew Enright represented Apex in the deal, the brokerage announced Tuesday. Both Residence Inn locations are within 25 miles of Boston, and the Residence Inn in Norwood is 29 miles northeast of Providence off Route 1.
JNR is active in the Northeast. Its portfolio consists of 13 hotels in Massachusetts, Connecticut, Maine and New Hampshire, according to its website. The portfolio also has a mix of chain hotels and independent brands.
The property management firm added two other hotels to its portfolio this summer: Hotel 44 North in Freeport, Maine, and Country Inn & Suites in Bedford, New Hampshire.