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A hospitality fund paid $39.4 million for a suburban hotel that was upgraded with new event and restaurant space during a decade-long ownership period.

The new owner of the Hilton Boston/Woburn is Jlk Global Fund Us 4 Inc., which is led by Fred George of Nova Scotia and has U.S. offices in Key Biscayne, Florida.

The 7-story, 344-unit Hilton Boston/Woburn was originally completed in 1988 and spans 237,854 square feet.

The Davis Companies and Rubicon Partners acquired the hotel in 2015 for $32.1 million and announced plans for a $15 million capital improvement project.

The updates included conversion of the glass atrium lobby into a restaurant, the tapas-themed Matadora, and new meeting and function spaces. The property contains 18,000 square feet of event spaces, according to a listing by Cherko & Fusco Realty, which brokered the transaction.

The previous ownership’s sought to attract more conference business and occupancy from Boston and suburban business travelers.

Greater Boston’s hotel market is attempting to recover from a challenging 2025 performance tied to declines in international tourism and headwinds in the life science and health care industries.

Revenues per available room, a key measure of hotels’ financial performance, declined 2 percent in Greater Boston, according to CoStar data.