Summit Hotel Properties, a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry, purchased Residence Inn by Marriott Boston/Watertown from Boylston Properties for $71.0 million, or approximately $473,000 per key. As of October 1, 2018, Summit Hotel Properties’ portfolio consisted of 77 hotels with a total of 11,659 guestrooms located in 26 states.
Located in the emerging submarket of Watertown near Cambridge, along the Charles River in Boston and adjacent to the new mixed-use development known as Arsenal Yards, the Residence Inn by Marriott Boston Watertown is uniquely positioned to capture business from a large and diverse demand base. Prestigious universities such as Harvard, MIT, Boston University, Boston College, and Tufts University are within a few miles of the hotel and Kendall Square, Boston’s premier tech hub and home to tech giants Microsoft, Facebook, Google, and Amazon as well as small startups and biotech companies, are in close proximity as well. In addition, the hotel’s location, approximately six miles from downtown Boston, will allow the hotel to garner demand from one of the nation’s strongest convention markets.