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Courtyard by Marriott in Downtown Boston |
 New
York, NY � June 18, 2003 � Boston Exeter Corporation and Meyer-Jabara Hotels
have entered into a long-term lease for 88 Exeter Street in Boston, Massachusetts.
The property has been approved to fly the Courtyard by Marriott flag, the
first in downtown Boston, as part of the reconstruction of this historic
former apartment building into an 81-room hotel. The hotel is expected
to open in the first quarter of 2004.
Insignia/ESG Hotel Partners was the owner's exclusive representative in this transaction. David McElroy, managing director in Insignia's Boston office, oversaw the marketing of the asset. Boston Exeter Corporation was also advised by James Shea of Palmer and Dodge LLP, JCA Architects and The Wyatt Group. Exeter Street is located in the heart of Boston�s fashionable Back Bay neighborhood, one of the best sub-markets in the Northeast. The hotel will be located one block from Newbury Street boutiques, will abut the Prudential Center and the Copley Place luxury shopping center, and will be within blocks of over seven million square feet of Class A office space. The property is also one block from the Hynes Convention Center. According to Mr. McElroy, �This property was highly sought after and
attracted numerous bids. The owner engaged us to find an operator
with a reputation for financial strength as well as operational skill.
Given the superiority of the location, I expect the hotel
Boston Exeter Corporation is an investment vehicle for a U.K.-based
family who have extensive real estate holdings in Great Britain. Meyer-Jabara
Hotels, located in Danbury, Connecticut, and West Palm Beach, Florida,
owns and operates 27 hotels in 13 states
Insignia/ESG Hotel Partners is a leading full-service real estate group
focused exclusively on the hospitality industry. Insignia/ESG is a subsidiary
of Insignia Financial Group, Inc., a publicly traded real estate company
listed on the New York Stock Exchange under
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Contact:
| Kurt Lindsey
Communications Manager Insignia/ESG Hotel Partners 200 Park Avenue, New York, NY 10166 Direct Phone: 212/984-8216 Fax: 212/984-8207 Email: [email protected] |
| Also See | Mark Hagopian and Charles Hajjar Convert an 1886 Residence in Boston's Back Bay into 33 Room Boutique, The Charlesmark Hotel / December 2001 |
| / Feb 2003 |