The Lightstone Group of New York has purchased the Crowne Plaza Boston North Shore, a 366-room hotel with a 65,000-square-foot water park attached and 37,000 square feet of meeting space in Danvers.
Lightstone purchased the asset for approximately $10 million, or $27,000 per key, through its two real estate investment trusts (REITs): Lightstone Value Plus Real Estate Investment Trust and Lightstone Value Plus Real Estate Investment Trust II. The company plans to make capital improvements and upgrades to the property over the next 12 months to 24 months, according to a statement.
"The acquisition of Crowne Plaza Boston North Shore is a strong example of Lightstone’s focus on acquiring well-located assets with a value-add component," said David Lichtenstein, chairman of The Lightstone Group. "Our organization is well positioned to move quickly and capitalize on new opportunities that will deliver significant returns through the implementation of strategic asset repositioning."
The Crowne Plaza North Shore is the fifth acquisition Lightstone has closed in the past nine months. These recent acquisitions total nearly $75 million and include the note purchase of a 141-room Fairfield Inn in East Rutherford, N.J.; the 750,987-square-foot Festival Bay Mall in Orlando, Fla.; and the 125-room limited-service TownePlace Suites in Metairie, La.
