Image courtesy of Brookfield Hotel Properties

Electra American Hospitality Group added a second Boston property to its portfolio with the $82.6 million acquisition of the 190-room Kimpton Nine Zero overlooking Boston Common.

The property previously traded for $85.1 million in 2016, according to Suffolk County Registry of Deeds records.

The previous owners of the 90 Tremont St. property, Brookfield Hotel Properties, updated the property in 2018 with new guest room furnishings and opened a new cocktail bar, the Better Sorts Social Club.

Electra was not immediately available for comment, but the Boston Business Journal reported the company will invest $15 million on updates including luxury suites and an enhanced restaurant.

Electra previously acquired the 225-room former Loews Boston hotel in Back Bay and rebranded it as Hotel AKA Back Bay. The owners plan $20 million in updates and renovations following the $117 million transaction in August.

The Boston and Cambridge hotel markets staged a strong recovery beginning in mid-2022, according to Pinnacle Advisory Group data.

Average daily rates surpassed pre-pandemic levels beginning in May, while occupancy rates were just 2 percent below 2019 levels in October.

West Palm Beach-based Electra American Hospitality Group launched in 2021 after raising $725 million in a hospitality fund. The AKA brand is a division of Plymouth Meeting, Pennsylvania-based Korman Communities, which owns furnished hotels designed for weekly and monthly stays in London and U.S. coastal metros.

Electra Picks Up Another Boston Hotel

by Steve Adams time to read: 1 min