Two years ago, Chicago-based Oxford CEO John Rutledge paid $23M for the old office building at 59 Temple Place in Downtown Crossing (above), cementing his belief in the transformation of the Boston neighborhood. His faith has been rewarded. (People told us faith was a virtue, but we never believed them.) Demand for Boston hotel rooms is back to peak and average daily rates are beginning to rise even further above the best years, says PKF Hospitality Consulting VP Andrea Foster. Oxford is going full tilt to convert the property into 240-room The Godfrey Hotel Boston (like the recently opened River North hot spot), and Andrea expects other developers to follow suit.
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