Waterton Invests in its Second Boston Area Hotel This Year with the Purchase of DoubleTree by Hilton Hotel Boston – Westborough. Fourth Boston area Owned and Managed Hotel for Ultima Hospitality
CHICAGO (July 1, 2015) – Ultima Hospitality, an industry-leading investment and hotel management company, announced today the closing and acquisition of the DoubleTree by Hilton Hotel Boston – Westborough in Westborough, Mass. The purchase of DoubleTree by Hilton Hotel Boston – Westborough continues the company’s trend of identifying strong performing assets in markets poised for high-growth over the long-term. The 223-room hotel recently completed a renovation of the public areas and meeting space and this coupled with Ultima Hospitality’s planned renovation of the guestrooms, will position the hotel to be a market leader.
Situated approximately 35 miles west of downtown Boston, DoubleTree by Hilton Hotel Boston – Westborough is within close proximity to corporate demand generators including Bose Corporation, Simplivity and eClinicalWorks. The prime location of DoubleTree by Hilton Hotel Boston – Westborough provides easy access to Waltham and the Route 128 Tech Corridor.
Ultima Hospitality remains positive on the growth opportunities in Greater Boston and this acquisition marks the fourth in the market for the management company by their ownership of Sheraton Framingham Hotel & Conference Center, Courtyard Boston Marlborough and the newly acquired Sheraton Needham Hotel.
“We were very excited for the opportunity to acquire another institutional asset in a market we have had great success in. This acquisition also continues to broaden our relationship with Hilton Worldwide, Inc., with this being our third hotel with a Hilton brand affiliation.” says Nir Liebling, chief investment officer of Ultima Hospitality. “Westborough and the surrounding areas have reached a critical mass of large corporate tenants that have recently made sizable investments in the area, signifying their long term commitment and providing a stable economic base and downside protection for years to come.”
The full-service, 223-key DoubleTree by Hilton Hotel Boston – Westborough caters to both leisure and business transient guests with 13,300 square feet of meeting space, a full bar and restaurant, and an indoor pool. The hotel is 35 miles from downtown Boston and located on seven acres with 407 surface parking spots. The hotel is the only full-service hotel in Westborough.
Waterton Associates L.L.C. (“Waterton”) is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton has a proven expertise in selecting attractive risk adjusted real estate investments in major markets around the United States and manages its portfolio through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality. Waterton Residential was founded in 1998 to improve and manage multifamily properties and currently manages over 50 apartment communities in major U.S. markets with a focus on excellent resident service, competitive pricing and flexible lease terms. Since its formation, Waterton has sponsored multiple investment vehicles and has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. For more information, please visit www.WatertonAssociates.com.