A two-hotel portfolio totaling 171 keys in Lenox has sold to a new owner in a $38 million deal.
JLL marketed the property on behalf of the seller, Toole Cos. The buyer was Mission Hill Hospitality, an arm of Denver-based real estate investor KSL Capital. Toole Cos. started out as a Lenox-area farming and manufacturing company in the 1850s and has been developing hotels in the Berkshires since 1989.
The portfolio includes consists of the 92-key Courtyard Lenox Berkshires and the 79-key Hampton Inn and Suites Berkshires-Lenox. Built in 2016, the Courtyard Lenox Berkshires is located on 70 Pittsfield Road, and was sold for $25 million. Built in 2007, the Hampton Inn and Suits Berkshires-Lenox is located at 445 Pittsfield Road, and was sold for $13 million. Toole Cos. developed both properties.
Goldman Sachs provided financing for both transactions.
The JLL team was led by Managing Director Alan Suzuki, Director Matthew Enright and analyst Emily Zhang.
“The highly competitive marketing process highlights the Berkshires as one of the most desirable leisure destinations in the country,” Suzuki said in a statement.