BOSTON – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of the 136-room aloft Lexington and the 123-room element Lexington, two hotels situated in the northwest Boston suburb of Lexington, MA.
HFF marketed the property on behalf of the seller, Rockwood Capital, LLC. A confidential buyer purchased the hotels for $54 million, unencumbered by management.
The aloft and element Lexington hotels were developed in 2008 as prototypes for the brands and are the only Starwood select-service/extended-stay products along Route 128 in suburban Boston. The aloft offers hotel guests light grab-and-go dining, the w xyz bar, an indoor swimming pool, business center, game room, fitness room, meeting room and complimentary shuttle service.
The element features complimentary breakfast, evening reception, an indoor swimming pool, business center, fitness room, meeting room and complimentary shuttle service. The hotels are situated on a 12.7-acre site at 727 Marrett Road at the intersection of Interstate 95/Route 128 and Route 2A in Lexington, about 16 miles northwest of Boston. Within a five mile radius of the hotels exists more than 15 million square feet of office space, occupied by top corporate demand generators VistaPrint, Shire Pharmaceuticals and Raytheon.
The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.
Rockwood Capital, LLC is a real estate investment management firm, founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States.
Rockwood and its principals have invested on behalf of their clients approximately $20.7 billion of real estate through 10 value-add vehicles and six separate accounts. Today, Rockwood is an 80-person real estate investment firm with offices in New York, NY; San Francisco, CA; Los Angeles, CA; and Seoul, Korea that manages a portfolio of approximately $3.4 billion of net equity value in approximately $8.7 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.