Pebblebrook Hotel Trust has completed the acquisition of luxury hotel, W Boston. The publicly traded real estate investment trust (REIT) paid a total of $89.5 million for the acquisition. As a part of the deal, the property will continue to be managed by hotel and leisure company Starwood Hotels and Resorts. The property’s developer, Sawyer Enterprises, pushed it into bankruptcy last year, allowing it to avoid a foreclosure by its lender, Prudential Insurance, adds Commercial Real Estate Direct.
Click here for the release from Pebblebrook.
Click here for additional coverage from Commercial Real Estate Direct.