Moody National REIT I, Inc. under contract to purchase the Hampton Inn Boston. (PRNewsFoto/Moody National REIT I, Inc.)

Moody National REIT I Inc. is under contract to purchase the Hampton Inn Boston for an aggregate purchase price of $57 million, excluding acquisition costs.

The 227-room Hampton Inn hotel is located near Boston Logan International Airport, and just five miles from downtown Boston.

“Boston’s hotel market continues to experience double digit revenue per available room (RevPAR) growth due to its high occupancy levels with increasing average daily rate and minimal supply increase,” Brett Moody, CEO and Chairman of the REIT, said in a statement. “For the first quarter in 2015, Boston led the nation in RevPAR growth with a 20 percent increase year over year.”

The acquisition of the Hampton Inn Boston is subject to substantial conditions to closing, including the REIT’s ability to obtain financing for the acquisition of the Hampton Inn Boston and the absence of a material adverse change to the Hampton Inn Boston prior to the date of the acquisition, according to a press release.

“Boston has a well-diversified economy and will remain strong as the health care, technology and education sectors continue to solidify their presence in the city. We think Boston is poised to have several growth years ahead in the hospitality sector,” Moody said in a statement.