BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of The Hotel Tria, a 121-room Best Western Plus Hotel in Cambridge, MA. The hotel was acquired by HHM, a Philadelphia-based hospitality company that plans to expand its independent collection of boutique hotels.
HFF marketed the property on behalf of the seller, Boston-based KW Development LLC, who has developed, owned and managed several hotels throughout New England since its inception in 1984.
HHM’s acquisition was led by Shawn Tuli, Vice President of Acquisitions and Development, who grew up as a Cambridge local and is also an alumnus from nearby Harvard Business School.
“We are very excited to make an investment and further expand our roots in the Boston area, and have comprehensive plans to position this hotel to be a critical part of West Cambridge’s cultural fabric,” said Tuli. “On a personal level, I am overjoyed to be a part of a project that will offer improved amenities to a community that has given so much to me.”
The Hotel Tria was completely redeveloped and expanded in 2009 from a 69-room limited service hotel to a 121-room boutique hotel with brand new furnishings, mechanical systems and public space.
The four-story hotel features Hotel Tria Bar 220, Starbucks Café, complimentary hot breakfast, complimentary high speed Internet access, complimentary shuttle service, complimentary parking, a business center, fitness room and two meeting rooms totaling 1,014 square feet. The Hotel Tria is situated on Alewife Brook Parkway within walking distance of the MBTA Alewife Station, providing access to Harvard Square, Davis Square, Kendall Square and downtown Boston.
Local demand drivers include Harvard University, MIT and Tufts University, all of which are within three miles of the property. In addition, the hotel is situated in the West Cambridge office and laboratory submarket providing corporate demand from biotechnology and life science companies, Biogen Idec, Novartis, Pfizer and Sanofi/Genzyme and others such as Raytheon and Forrester Research.
The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.
KW Development LLC (KW) was formed in 1984 to develop, own and manage lodging properties and commercial real estate. KW is an award winning hotel development and management company that has consistently been the market leader in operating performance and guest satisfaction. The company has received numerous awards from Marriott International, Choice Hotels, U.S. Franchise Systems and Best Western International for its portfolio of limited service, select service and extended stay hotels throughout New England.
KW has developed, owned and/or managed 13 hotels and sold a six property portfolio in 2006 for $60,000,000. It since has acquired, renovated and expanded the successful Hotel Tria Best Western Plus in Cambridge, Massachusetts, the Sheraton Four Points Boston/Logan Airport in Revere, Massachusetts and The Best Western at historic Concord, Massachusetts.
They also currently have two new hotel projects under development, both of which are expected to open in early 2017; a Hampton Inn and Suites in Waltham, Massachusetts and a Marriott Residence Inn in Braintree, Massachusetts. KW also owns several other commercial real estate assets.
