Onyx Hotel, Boston, US Sold For $28.6M

Even though the Onyx Hotel has its owner changed, its Britney Spears room is still safe. On May 19, 2005 The Portland Limited Hotel Partnership has sold the luxurious Triuangle hotel for $28.6 million to LaSalle Hotel Properties. LaSalle also possesses the Boston Hyatt Conference Center at Logan International Airport, which it bought in 1998. The company is interested to get other properties in the area under its ownership as well. This is what Hans Weger, LaSalle’s chief financial officer says about their plans, `we view Boston as one of the markets we look at investing in heavily, we like it both in the short term and the long term.” LaSalle executives have expectations about the demand and rates growth based on the “strength of Boston’s hotel market”.
 
Kimpton Hotel & Restaurant Group LLC, which is to promote her Onyx tour, will manage the hotel. Within the promotion frameworks the hotel has a room devoted to Britney, which is called after her and was decorated by her. The room will be kept open for now. Besides the Onyx Hotel, Kimpton also operates other real estate properties of LaSalle, including the Hotel Marlowe, a boutique hotel in Cambridge.
 
Onyx hotel was opened in May 2004. It has 112 rooms and deserved a four-diamond rating from AAA. Also there is a ruby room available in the hotel, a 45-seat bar and lounge to serve breakfast and dinner.

Source: realestategates