Fairmont Copley Plaza Hotel Update
Fairmont Copley Plaza hotel in Back Bay acquired for $170 million
RLJ Lodging Trust has announced the sale of its’ 383-room Fairmont Copley Plaza hotel in the Back Bay for $170 million. The sale amounts to approximately $444,000 per key; the hotel also features amenities such as a restaurant, OAK Long Bar + Kitchen, and 3,000-square-foot rooftop health club. The name of the hotel’s buyer has not yet been disclosed; the sale is expected to close in the coming weeks.
FelCor Lodging Trust, which was acquired by RLJ in April 2017, acquired the hotel in August 2010 for $98.5 million, approximately $257,180 per key, from Fairmont Hotels with a long-term management contract. FleCor performed a $30 million capital improvement program between 2011 and 2012 on the hotel that renovated all guest rooms and the hotel's restaurant and health club. The Fairmont Copley Plaza hotel is located steps from two upcoming major development projects, the 31-story 40 Trinity Place condominium and hotel tower and the $1 billion Back Bay/South End Gateway development atop Back Bay Station.