CHICAGO (June 10, 2015) – Ultima Hospitality, an industry-leading investment and hotel management company, announced today the closing and acquisition of the Sheraton Needham Hotel in Needham, Mass. The purchase of the Sheraton Needham Hotel continues the Company’s trend of identifying strong performing assets in markets poised for high-growth over the long-term. The 247-room hotel recently completed an extensive renovation, touching all guest areas, making this asset a tremendous guest experience for travelers to the Boston area.
Situated just miles from downtown Boston and Cambridge, the Sheraton Needham Hotel is within close proximity to famed attractions including Boston Common, Boston College, Freedom Trail, Faneuil Hall, Fenway Park and the shops on Newbury Street. The prime location of the Sheraton Needham Hotel also 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 third in the market for Ultima, having already acquired the Sheraton Framingham and the Courtyard Marlborough in recent years. “We were very excited for the opportunity to acquire this asset from such a distinguished owner as Host Hotels & Resorts, as well as continue to broaden our relationship with Starwood Hotels & Resorts, with this being our sixth Starwood branded hotel.” says Nir Liebling, Chief Investment Officer of Ultima Hospitality. “The future growth of the Needham market with Trip Advisor’s new headquarters opening soon and the future planned development along the Route 128 Tech Corridor should help sustain long-term demand growth for the Hotel.”
The newly renovated guestrooms feature signature Sheraton Sweet Sleeper™ beds with plush mattresses and soft linens, complimentary Wi-Fi, individual climate control and a 37-inch LCD television. The Sheraton Needham Hotel boasts a fully equipped, state-of-the-art fitness center complete with a year-round heated indoor swimming pool. Located on the lobby level, Link Café and Bar, offers classic American cuisine for breakfast, lunch and dinner with a Sheraton Social Hour available.
The Sheraton Needham Hotel caters to both leisure and business transient guests with 15,000 square feet of flexible meeting and event space. The 14 meeting and event spaces accommodate a variety of occasions and include an amphitheater, Grand Ballroom, rooms with floor-to-ceiling windows, executive boardrooms and private dining rooms.
For more information on Ultima Hospitality, visit www.ultimahospitality.com.
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.