Fairmont Copley Hotel

New York-based Ashkenazy Acquisition Corp. has added to its Boston portfolio with the purchase of the 383-room Fairmont Copley Plaza hotel.

The seller was Irving, Texas-based Felcor Lodging Trust, which paid $98 million for the landmark Back Bay property in 2010; the sale price was $163 million.

Deutsche Bank AG provided $95 million in mortgage financing for the transaction.

Back Bay hotels’ average daily room rates were $260 through the first eight months of 2017, up 3.1 percent from 2016 according to research by CBRE Hotels. Revenues per available room, a key indicator of a hotel property’s financial performance, rose 3.2 percent to $212.

Ashkenazy Acquisition Corp. has been the operator of Boston’s Faneuil Hall Marketplace since 2011 and in August acquired the lease on the office and retail space at South Station from Equity Office of Chicago. Ashkenazy was not immediately available for comment.

Faneuil Hall Operator Acquires Fairmont Copley Plaza Hotel

by Steve Adams time to read: 1 min
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