BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of the 130-room Residence Inn hotel in the suburban Boston community of Tewksbury, Mass.
The HFF team represented an institutional seller, and procured the buyer, Sawyer Realty Holdings, LLC.
The hotel was marketed as part of a three-property Northeast hotel portfolio that also included the recently-closed Hyatt House Bridgewater in Bridgewater, New Jersey, and the Hampton Inn & Suites Providence/Smithfield in Smithfield, Rhode Island.
The Residence Inn Boston Tewksbury Andover is located at 1775 Andover Street just off Interstate 495 in Tewksbury.
The hotel is positioned near strong corporate demand drivers in the tech and pharmaceutical industries such as Raytheon, Thermo Fisher Scientific, Hewlett Packard and IDEX, among others. Additionally, the local area is home to many higher education institutions such as Phillips Academy, Merrimack College and the University of Massachusetts Lowell that provide healthy demand throughout the year. Completed in 1990, the property comprises 10 three-story buildings offering guest rooms along with one- and two-bedroom suites.
Hotel amenities include complimentary breakfast, complimentary evening social event on select evenings, a fitness room, car rental station, convenience store, bbq pit, outdoors swimming pool and business center.
The HFF investment advisory team representing the seller consisted of senior managing director Daniel C. Peek, managing director Denny Meikleham, senior directors Alan Suzuki and KC Patel and director Matthew Enright.
Sawyer’s acquisition team was led by acquisitions and asset manager Jessica Rosenberg.