HOUSTON—Moody National REIT I, Inc. is under contract to purchase the Hampton Inn Boston for an aggregate price of $57 million, excluding acquisition costs.
The select-service, 227-room Hampton Inn hotel is located within close proximity to Boston Logan International Airport and five miles from downtown Boston.
“Boston’s hotel market continues to experience double-digit revenue per available room [RevPAR] growth due to its high occupancy levels with increasing average daily rate [ADRs] and minimal supply increase,” said Brett Moody, CEO and chairman of the REIT. “For the first quarter in 2015, Boston led the nation in RevPAR growth with a 20% increase year-over-year.
“Boston has a well-diversified economy and will remain strong as the health care, technology and education sectors continue to solidify their presence in the city. We think Boston is poised to have several growth years ahead in the hospitality sector,” added Moody.
The acquisition of the Hampton Inn Boston is subject to substantial conditions to closing, including the REIT’s ability to obtain financing for the acquisition of the property; and the absence of a material adverse change to the hotel prior to the date of the acquisition.