Berkadia Hotels & Hospitality has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the 210-room Courtyard Boston Billerica/Bedford (the ‘Hotel’ or ‘Asset’). Having undergone an extensive renovation in 2016 and multiple capital expenditure projects between 2017 and 2019 totaling approximately $4.5 million ($21,419 per room), the concrete and steel-frame constructed Courtyard is primed to capitalize on the market’s highly anticipated recovery.
The Hotel boasts a strategic location directly off US-3 and proximate to both I-495 and Route 128, offering supreme accessibility to the surrounding area and downtown Boston, which is approximately 16 miles to the southeast. Centrally located among countless research and development, technology, and life sciences corporate offices and labs at the 70-acre, master planned development, Billerica Technology Park, and the nearby Cabot Business and Technology Center, home to more than 60 fully outfitted research labs and facilities, the Courtyard is uniquely positioned to benefit from the area’s high-growth technology sector demand drivers. Additionally, the Hotel is approximately 8.5 miles south of the University of Massachusetts Lowell and proximate to countless museums, parks, theaters, auditoriums, and national parks in Billerica and neighboring Concord and Lexington.
The Courtyard offering represents a rare value-add opportunity for a new owner to capitalize on the Asset’s product offering and affiliation with the industry's leading reservation and rewards program, Marriott Bonvoy, in a market with extremely limited Marriott lodging alternatives. Offered unencumbered of management and having historically underpenetrated the market in top-line performance while operating at NOI margins inferior to those typically achieved by premium, Marriott branded, select-service hotels, a new owner will have the ability to implement a customized business plan and strategy to drive both revenue and cashflow appreciation well-beyond historical benchmarks. This distinct value-add prospect, coupled with the Asset being offered at a basis well-below replacement cost presents an unparalleled hospitality investment in the current economic landscape.
Senior Managing Director
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