December 1, 2020
Xenia Hotels & Resorts has sold the 245-room Hotel Commonwealth in Boston’s Kenmore Square. The sales price was $113 million. The buyer was not disclosed.
The Orlando-based real estate investment trust acquired the hotel in 2015 for $136 million. The hotel, which opened in 2003, is located nearby Boston’s Fenway Park, Boston University, Back Bay, Longwood Medical Area and Newbury Street.
“Our high-quality portfolio has afforded us the opportunity to create meaningful additional liquidity and balance sheet flexibility as the COVID-19 pandemic has profoundly impacted our Company and the lodging industry as a whole,” said Marcel Verbaas, CEO at Xenia. “The sale of Hotel Commonwealth at a highly attractive valuation, particularly given the current uncertain operating environment, is representative of the value embedded in our portfolio.”
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