Image courtesy of Island Hospitality

The new owner of a dual-branded hotel in Waltham is citing the growth of the Greater Boston life science cluster in its decision to buy the property.

Denver-based Mission Hill Hospitality bought the 192-room Residence Inn and Fairfield Inn & Suites Boston at 250 Second Ave. in Waltham on March 23. The sale price was $51.9 million, according to a Middlesex County deed.

Island Hospitality will operate the hotels on behalf of Mission Hill Hospitality, which now owns 18 hotels.

“The Boston-area biosciences and technology sectors are rapidly growing, and we are excited to expand our portfolio with an investment in this area,” Mark Fraioli, managing director of Mission Hill Hospitality, said in a statement.

The single-building, dual-brand hotel overlooking Route 128 was completed in 2018, and includes a lobby bar and indoor swimming pool.

West Palm Beach, Florida-based Island Management operates nine other hotel properties in New England, including five in Massachusetts. Mission Hill Hospitality is owned by private equity investor KSL Capital Partners of Denver.

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by Steve Adams time to read: 1 min