Two Marriot-branded select-service hotels in New England trade
JLL’s Hotels & Hospitality Group closed the sale of the Fairfield Inn hotels in Woburn, MA and Portsmouth, NH
BOSTON, August 30, 2022 – JLL’s Hotels & Hospitality Group announced today that it has closed the sale of two Marriott-branded, select-service hotels in New England. The hotels include Fairfield Inn Boston Woburn/Burlington in Woburn, Massachusetts and Fairfield Inn Portsmouth Seacoast in Portsmouth, New Hampshire.
JLL marketed the property on behalf of the seller, a joint venture of funds managed by Contrarian Capital Management and Waramaug Hospitality. The hotels were offered unencumbered by management.
Fairfield Inn Boston Woburn/Burlington (126 keys) and Fairfield Inn Portsmouth Seacoast (102 keys) both underwent significant renovations in 2015 and 2016. Both hotels offer a standard mix of traditional guest rooms, complimentary breakfast, a business center, fitness center, seasonal outdoor pool and sundry store, as well as free on-site parking.
Fairfield Inn Boston Woburn/Burlington is located 10 miles northwest of Boston at the intersection of Interstate 95/Route 128 and I-93. In addition, Logan International Airport is located 20 minutes from the property, which is also near the Anderson/Woburn station serviced by the MBTA Lowell Line Commuter Rail and the MBTA Route 134 bus. Aside from being a short distance from the attractions offered in downtown Boston, the hotel is in the business district of Woburn near local attractions such as the Lexington Battle Green, Horn Pond Reservation, Forest Park and Shaker Glenn.
Fairfield Inn Portsmouth Seacoast is 50 miles north of Boston and is proximate to I-95 and U.S. Route 1. The hotel is centrally located just minutes from Pease International Tradeport, Liberty Mutual and the Portsmouth Naval Shipyard. Additionally, the property is proximate to the city’s waterfront, Portsmouth Music Hall, 3S Artspace, Prescott Park, the Kittery Mall Outlets and more. The city is often featured on various “best places to live lists” and has been named by Forbes Traveler as one of America’s Prettiest Towns.
The JLL Hotels & Hospitality team working on behalf of the seller was led by Managing Director Alan Suzuki, Director Matthew Enright and Analysts Emily Zhang and Noelle Deslauriers.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Contrarian Capital Management
Contrarian Capital Management (“CCM”) is an institutional investment manager formed in 1995. Its real estate strategy strives to achieve attractive risk-adjusted returns with real estate equity and debt investment opportunities spanning all U.S. property sectors. The real estate team looks to pursue mid-sized distressed and opportunistic opportunities generally overlooked by larger institutional investors. Contrarian’s ability to underwrite, diligence and close transactions quickly, combined with a strong industry reputation for integrity, makes the firm a preferred counterparty for sellers and joint venture partners that require certainty of execution. For more information visit http://contrariancapital.com.
About Waramaug Hospitality
Waramaug Hospitality is a privately held investment firm that specializes in the investment and ownership of hotels nationwide, with a primary focus on premium-branded select service and full service hotels. Since inception, Waramaug has acquired over $800 million in hotel assets comprising over 5,000 rooms and more than 40 properties. During this time Waramaug has established a superior investment and asset management platform dedicated to maximizing returns to their partners and investors.