BOSTON—Marcus & Millichap, a commercial real estate investment services firm with offices throughout the U.S. and Canada, has arranged the sale of the 72-room Holiday Inn Express & Suites here for $24.5 million.
Helen Zaver and Brian Munn, both VPs of investments in Marcus & Millichap’s Atlanta office, represented the seller, Gemini Real Estate Advisors, a private real estate investment firm based in North Carolina. Zaver procured the buyer, Bridgeton Holdings, a New York-based private real estate investment firm. Tim Thompson, sales manager of Marcus & Millichap’s Boston office, is the firm’s broker of record in Massachusetts.
“The Boston Holiday Inn Express & Suites is one of the most centrally located hotels in all of Boston,” said Zaver. “It was built in 1900, converted to a Holiday Inn in 2008, and continues to receive capital improvements. The entire city is easily accessible from this hotel via mass transit and there are many popular destinations within walking distance.”
Located at 280 Friend St. in downtown Boston, the five-story, interior-corridor Holiday Inn Express and Suites is close to TD Garden, home of the Boston Celtics and the Boston Bruins. A U.S. General Service Administration office is across the street and Massachusetts General Hospital is within walking distance. The property includes 5,518 sq. ft. of retail space occupied by three tenants.