A 152-room AC Hotel By Marriott will break ground at the Station Landing development in Medford this year.
Marriott’s AC Hotels brand has nearly 80 properties in Europe. Formed as a joint venture with AC Hotels in 2011, the properties feature European-style amenities and guest room designs.
Ted Tye, a managing partner at National Development in Newton, announced the project with Medford Mayor Michael McGlynn late last week, the Medford Transcript reported.
Station Landing contains more than 600 apartments and condos with ground floor retail and restaurant space occupied by such tenants as Pizzeria Regina and Boston Sports Club.
The announcement comes amid a burst of hotel development in Boston and the suburbs, as investors seek to capitalize on the region’s rising occupancy and room rates.
Close to 2,400 new hotel rooms will hit the market in Greater Boston during 2015 and 2016, according to market projections by PKF Consulting USA.
The 180-room Element and 330-room Aloft hotels break ground this spring on land leased from the Massachusetts Convention Center Authority in Boston’s Seaport District. The hotels will be operated by Starwood Hotels and Resorts Worldwide. The authority also is seeking proposals for a 1,200-room hotel tied to a proposed $1.1-billion, 600,000-square-foot expansion of the convention center. The expansion will be debated on Thursday during a hearing of the House Committee on Bonding, Capital Expenditures and State Assets.
Development is accelerating in the suburbs as well. Hotels are in the permitting stages in Marlborough, Saugus and Watertown.
During 2013, the occupancy rate at Greater Boston hotels rose 2.1 percent to 76.1 percent, according to PKF Consulting USA. The average daily rate was $191, fifth-highest in the U.S.
