175 Orleans Street Update 01/12/17
Hotel developer acquires approved Loftel Boston site for $14.75 million
Hotel developer Boston Trade International, owned by brothers Pravin and Sudhir Patel, has acquired the approved Loftel Boston site in East Boston for $14.75 million as recorded in the Suffolk County Registry of Deeds. A 75,000 square foot boutique hotel is approved for construction on the site and will incorporate an existing gutted historic industrial building. The site last sold in October 2013 for $2.1 million prior to the hotel's approval. Boston Trade has acquired $10.3 million of financing for the hotel project through Northern Bank & Trust Company.