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The growing hospitality trend of dual-brand hotels is taking off in Boston with a new Hilton property in Woburn.
Colliers International arranged joint venture equity financing for a dual-branded Hampton Inn & Suites and Homewood Suites at 369 Washington St. in the suburb, it announced this month. Owner Madison Properties first announced the 235-room project in March of 2016 and that it was securing debt and equity financing.
A group composed of Colliers National Hotel Practice Group Director Richard Lillis and a Boston Colliers team of Thomas Welch, Adam Coppola, John Poole and Tonie Jenkins found an equity investor, Whitman Peterson, and a hotel JV partner, Concord Hospitality Enterprises Co.
“Each organization brings with it invaluable expertise that will undoubtedly make the Woburn Hilton project a huge success,” Lillis said.
Dual-branded properties are becoming popular in major markets, as hospitality companies look to streamline operations. The properties enable a single developer to appeal to travelers with different price points and sometimes lower costs with a reduced employee count. The Woburn property will have slightly less staff than normal thanks to a single check-in desk as opposed to separate ones for each brand.
“Dual brands are becoming more popular with their efficiency in design and construction and also with some of the operating efficiencies,” Lillis said.
The Woburn property will break ground this month.
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