Related Beal acquires Charles Street hotel for $25 million, also owns neighboring parking garage

Developer Related Beal acquired the 46-room, four-story hotel building at 170 Charles Street in Beacon Hill, home to the John Jeffries House hotel, for $25 million last Wednesday (July 13th, 2016) as recorded in the Suffolk County Registry of Deeds. 170 Charles Street sits in a prominent position on approximately 2/3 acre of land at the juncture of Storrow Drive and Cambridge Street across from the Charles/MGH rapid transit station, the Liberty Hotel and Massachusetts General Hospital. The building’s seller is the Massachusetts Eye and Ear Infirmary, also located nearby. Related Beal is the Boston-based division of The Related Companies and is currently building Parcel 1B and 131 Beverly (Lovejoy Wharf) in Bulfinch Triangle.

Banker and Tradesman reports that Related Beal will continue to operate 170 Charles Street as a hotel. Related Beal acquired the neighboring parking garage at 144 Charles Street in July 2015 for $40 million and continues to operate the garage and ground-floor retail. In a statement, Related Beal Executive Vice President Stephen Faber said that the company “[continues] to operate the garage and [is] currently evaluating future possibilities for [the] site to best realize its potential in the neighborhood.” Related Beal now owns a total of approximately one acre of Charles Street land acquired for a total of $65 million.

The following is the deed for the sale of 170 Charles Street to Related Beal last Wednesday:

The following is the deed for the sale of 144 Charles Street to Related Beal in July 2015:

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