Boston area Residence Inn changes hands

George Sell George Sell Uploaded 19 February 2019

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US: Sawyer Realty Holdings has acquired the Residence Inn Boston Tewksbury/Andover in Tewksbury, Massachussetts, for $12 million.

An HFF team represented the seller, a fund associated with The Blackstone Group, and procured the buyer of the 130-key property. The asset previously changed hands in 2015 for $16.4 million.

Located at 1775 Andover St. in Tewksbury, the property is just off Interstate 495, near tech and pharmaceutical companies such as Raytheon, Thermo Fisher Scientific, Hewlett Packard and IDEX. Higher education institutions like Phillips Academy, Merrimack College and the University of Massachusetts Lowell are also close by.

The 130-key property includes 10 three-storey buildings featuring both guestrooms and suites. Amenities consist of a fitness room, car rental station, convenience store, barbecue pit, outdoor swimming pool and business centre.

Jessica Rosenberg, acquisitions and asset manager at Sawyer Realty Holdings, led the acquisition team on behalf of the buyer.

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