Maryland-based Pebblebrook Hotel Trust has acquired the Revere Hotel Boston Common in downtown Boston’s Theatre District.
The $260.4 million sale includes the 356-room hotel at 200 Stuart St., an attached 826-space parking garage and an adjacent land parcel.
The Revere Hotel was built in 1972 and converted to its independent status following an extensive $29 million renovation in 2012. It features large meeting and event space, totaling over 28,000 square feet, including Space 57, a versatile, blank canvas meeting room; Theatre 1, a popular venue for movie screenings, business conferences and intimate concerts; and The Gallery, an avant-garde meeting floor, all of which is in addition to 16,000 square feet at the Rooftop at Revere and Emerald Lounge.
The Rooftop at Revere is a seasonal rooftop bar situated seven stories above street level over the parking garage, while Emerald Lounge serves both hotel guests and locals as the property’s second floor cocktail bar and private event space. Rustic Kitchen Bistro and Bar offers Italian-Mediterranean cuisine and is located on the ground floor. The attached 282,000 square foot parking garage is six stories with accessibility from Stuart Street and Charles Street. The property also features a fitness center, a heated indoor swimming pool, valet parking and a business center.
"We’re thrilled to announce our acquisition of the Revere Hotel and the expansion of our presence in the highly desirable Boston market," Jon Bortz, chairman and CEO of Pebblebrook Hotel Trust, said in a statement. "Situated at the convergence of Boston’s Back Bay, Financial District and Theatre District, one block from the company’s W Boston Hotel, the Revere Hotel is proximate to the city’s most notable attractions, including the Hynes Convention Center, Boston Common, Copley Square, TD Garden, Faneuil Hall, Fenway Park and Newbury Street. The hotel is ideally located near high-quality demand generators including Class A office space, some of Boston’s finest dining, upscale destination retail, theatre venues, and medical and educational institutions."
In addition to the hotel, the company also purchased an adjacent 3,181 square foot vacant land parcel at 212 Stuart St., which the company plans to evaluate to determine "optimal development utilization" in the future, according to a press release.
For the trailing 12 months ended November 2014, the Revere Hotel operated at 87 percent occupancy, with an average daily rate of $231 and room revenue per available room of $202.
The acquisition of the Revere Hotel brings the total number of properties in the Pebblebrook’s portfolio to 35, and marks its second investment in Boston.
