Sale of the W Hotel Promotes Condo Investment PotentialApril 2, 2011
The Boston Globe ran an article last week about the sale of the W Hotel in Boston. Pebblebrook Hotel Trust – a Maryland based investment firm – bought the hotel complex for $89.5M on Monday, March 28, 2011. This is an extremely positive milestone for the luxury condo market and should serve as a major lift to the area.
There have been many uncertainties casting a shadow over the W condominiums/hotel complex for months.
Sawyer, the previous complex owner, filed for bankruptcy last year due to slow condo sales. No one knew the timing of the bankruptcy court proceedings. When a decision would be final, how long proceedings would last, what if..... it made buyers somewhat nervous. The recent hotel sale will hopefully take care of some of the uneasiness, clear the path for a healthy financial future and accelerate the sale of the condominiums.
The W Boston has 123 luxury condos on its top 13+ floors and the amenities are extravagant. The benefits of living in a full-service hotel include a downstairs spa and bar – not to mention the spectacular, panoramic views. You’re also steps away from Jean-Georges Vongerichten's fantastic restaurant, Market.
The area has immense investment potential and the new ownership should jumpstart buyer interest. The W Boston is located in the heart of the Theatre District, which is an ideal location for residents who work in and around Boston’s financial district. Interested in similar urban condos? Browse my listings and contact me to setup an appointment.
Do you prefer the amenities of hotel living, or are you more comfortable in the quieter suburbs? Either way, greater Boston can be home for you.