The Fairmont Copley Plaza Hotel in Boston's Back Bay has been refinanced by Ashkenazy Acquisition Corporation via Crédit Agricole Corporate and Investment Bank for $95 million.
The 383-room luxury hotel is prominently located overlooking Boston's landmark Copley Square. Built in 1912, the historic building is surrounded by other landmarks such as the Boston Public Library, Old South Church and Trinity Church.
Ashkenazy acquires Fairmont Copley Plaza hotel for $163 million
Just days after seller RLJ Lodging Trust's announcement of the sale of the 383-room Fairmont Copley Plaza hotel in the Back Bay, Ashkenazy Acquisition Corporation, owner of the leaseholds for South Station and Faneuil Hall, has closed on the hotel's acquisition for $163 million. The sale amounts to over $425,000 per key; the selling party acquired the hotel in August 2010 for $98.5 million, approximately $257,180 per key. Deutsche Bank provided $95 million in mortgage financing towards Ashkenazy's acquisition. The Fairmont Copley Plaza hotel features amenities such as a restaurant, OAK Long Bar + Kitchen, and 3,000-square-foot rooftop health club. Ashkenazy acquired the 98-year leasehold interest on the 205,165-square-foot office and retail component of Boston's South Station from longtime owner Equity Office Management for $119 million last August and has owned the Faneuil Hall long-term leasehold since 2011.
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.
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