Ultima Hospitality has acquired the Doubletree Westborough hotel from Investcorp International Inc. for $28 million.

The 233-room, 167,346-square-foot full-service hotel at 5400 Computer Drive was recently renovated and contains a fitness room, indoor pool, business center, 13,000 square feet of meeting and event space and the Regatta Grill & Bar. The 8.8-acre property is located within a 10-mile radius of more than 12 million square feet of office space.

Ultima financed the purchase with a $21.7 million mortgage from Customers Bank of Phoenixville, Penn., according to Worcester County Registry of Deeds records.

Ultima is the hotel investment and management division of Chicago-based Waterton Assoc., which manages over $3.8 billion in real estate investments including Ultima’s 12 hotels.

HFF’s Dan Peek, Denny Meikleham, Michael Gigliotti and Alan Suzuki represented the seller, Investcorp International Inc. of New York.

“The Doubletree Westborough is the only full-service hotel in Westborough and as a result captures the majority of the demand for social events and corporate meetings in the immediate area,” Meikleham said in a statement. “This was a great opportunity for the buyer to acquire a well-maintained, well-located hotel with solid in-place cash flow well below replacement value.”