The developer of a planned hotel in Boston’s Haymarket Square has added new investors with the goal of breaking ground in early 2018.
Wellesley-based Harbinger Development brought on Boston-based CV Properties as lead developer on the 225-room Haymarket hotel on Blackstone Street, Harbinger Managing Partner Eamon O’Marah said.
“We needed to capitalize the construction,” O’Marah said. “We’re done with permits and it’s time to build. I wanted to remain in as developer and partner with (CV Properties CEO and founder) Dick Galvin. I have great trust in Dick and his team.”
The two firms partnered on development of the 330-room Aloft Boston Seaport and 180-room Element Boston Seaport hotel on D Street, both of which opened in early 2016.
New York-based Olshan Properties will operate the $106-million Haymarket hotel and lead the search for construction financing, O’Marah said. The company has not decided whether to operate the hotel independently, O’Marah said. Olshan owns and manages six hotels totaling 1,447 rooms in Ohio, Georgia, Illinois and Florida.
Normandy Real Estate Partners remains a minority investor in the Haymarket project, which would be built on a parcel owned by Massachusetts Department of Transportation.
Harbinger also received approvals from the Boston Planning and Development Agency in 2016 for the 411-room Marine Wharf Hotel at 660 Summer St. at the entrance to the Raymond L. Flynn Marine Park. The $180-million dual-branded Hampton Inn and Homewood Suites hotel has a target groundbreaking of March 2018.