Near Boston; Intends to Maintain the Hotel's Current Brand
BOSTON, Mass., April 5, 2006 — Officials of Boston-based Pyramid Hotel Opportunity Ventures LLC (PHOV) today announced that the real estate investment fund had acquired the Sheraton Framingham Hotel in Metro West Boston from Starwood Hotels. The 373-room hotel will undergo an $8 million renovation of all guest rooms and public areas, as well as construction of a new Executive Meeting Center. Pyramid Project Management, a division of Pyramid Advisors LLC, will oversee the renovation and construction project and also will manage the hotel.
“This is the fifth hotel we either own, manage and/or asset manage in the greater Boston area,” said Jim Dina, Pyramid’s chief operating officer. “We are very familiar with the Framingham area, as developers of the Residence Inn Framingham on Staples Drive, and we are happy to be back in the community. Boston is our home town, and our continued investment in the greater Boston area underscores our confidence in the future of this market.”
Located at 1657 Worcester Road (Route 9) at the Massachusetts Turnpike-Framingham exit, the hotel is proximate to a number of colleges, businesses and tourist attractions, including the Natick Mall, Wrentham Village Premium Outlets, Framingham State Teachers College, Shoppers World, Garden in the Woods and Boston College. The property, which is 18 miles from downtown Boston, is surrounded by a growing community of corporate offices, including Staples Corporation, EMC, Genzyme, BOSE Corporate Center, Computer Associates, Metrowest Medical Center, Natick Army Soldiers Lab, Meditech, TJ Maxx and Boston Scientific.
“Framingham is a thriving residential community and a well established, yet growing corporate location, making it equally attractive to both business and leisure travelers,” said John Green, vice president/managing director of Pyramid Advisors and general manager of the property. “With its distinctive castle architecture, the hotel has become a Framingham landmark, easily visible from the main roads. When the new Executive Meeting Center is complete, we intend to more aggressively target group business, with a goal of assuming a leadership position in this area.”
The eight-story hotel features 373 rooms and suites and 21,000 square feet of meeting space that can accommodate groups of up to 1,500 people, Club-level accommodations, indoor and outdoor pool, a Boston Sports Club on site with extensive facilities, two full-service restaurants, a business center, gift shop, covered and outside parking, high speed Internet access and WiFi in the lobby.
The hotel is scheduled to undergo an approximate $8 million renovation, beginning in August. The renovation will include a total makeover of all guest rooms and public spaces and will be completed in phases to minimize disruptions to guests. The centerpiece of the project will be a new IACC-certified, state-of-the-art Executive Meeting Center, featuring technical sophistication, professional support and specialized services designed to increase the productivity of smaller meetings.
Green added that Sheraton is a highly regarded, upscale brand and member of the Starwood group of hotel brands. “As a Starwood brand, Sheraton guests will enjoy all the benefits of the popular Starwood Preferred Guest loyalty program.”
Pyramid Advisors LLC, founded in 1999, is a full-service hotel company that owns, manages and asset manages hotels and manages hotel construction/renovation projects. Pyramid Advisors currently has a portfolio of more than 30 hotels under management and asset management throughout the U.S.
Pyramid Advisors LLC
|Also See:||Pyramid Advisors LLC Appointed to Manage the Former Hilton Hotel in Tarrytown, N.Y; 250-room Hotel Converts to Doubletree Brand / February 2005|
|Pyramid Advisors Acquires the 423 room Hyatt Regency Oak Brook, Immediately Converts to Doubletree - Plans $15 million Renovation / February 2005|
|Pyramid Advisors and the Morgan Stanley Real Estate Fund Spending $6.5 million to Convert the Adam's Mark Hotel & Suites in Indianapolis to a Hilton / June 2004|