Somerville Massachusetts Embassy Suites Hotel
Xia Hotels and Resorts, Inc. has completed the purchase of the former U.S. Embassy Suites Hotel in Somerville, Massachusetts. The hotel is located on the corner of Main Street and Washington Avenue, just south of State Street. Xenia Hotels & Resort Inc., has acquired the newly developed 600-room Hyatt Regency Portland, the largest hotel in the Oregon Convention Center in Portland.
The two-storey property has a total area of 2,500 square meters and includes two rooms and suites. There is also a 1,000 square metre fitness centre with gym, gym and outdoor pool, as well as a spa.
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Cambria Somerville Cambridge, part of the Choice Hotels brand, is located on Route 17 290 and is scheduled to open in the winter of 2020. As someone who has stayed at this hotel before, what did you tell others and what did you tell others? The Hampton Inn Suites Mahwah is The Cambrias in Cambridge are both part of the ChoiceHotels brand family.
The purchase price includes $1.5 million of working capital to ensure the hotel is fully operational when it opens. The new hotel will be the first of three new hotels in Somerville, Massachusetts, following the opening of the new Embassy Suites Cambridge in the winter of 2020. A further development, which includes a restaurant, a hotel, office and retail space, is scheduled to open in the first quarter of 2022.
The sale price is double the hotel EBITDA of $1.5 million, or $2.2 million. In addition to the estimated required capital expenditures, the price also reflects the hotel's $12 million in backlog of operating expenses for the first 12 months of operation and $6 million in operating expenses. Only customers who book through bookings.com and stay at the property concerned can write a review.
JLL arranged the financing with a debt fund on behalf of the Noannet Group, which advised on the sale of the property to a private equity firm and an investment bank. The developer, represented by the JLL office in New York and the Boston office of KPMG, was led by the company's managing partner and director, Michael J. D'Agostino.
The acquisition was financed with a $1.5 million loan from Mag Mile Capital, a private equity firm in New York, a debt fund from Noannet Group and KPMG's Boston office. Mag Capital secured the loan at a fixed rate of 5 percent, the relatively low interest rates paid on the borrower's current loan, which provide cash to borrowers.
It was also sold to the Department of Homeland Security's Office of Foreign Assets Control (OCC) for $10 million in October 2015. COO of FinCannon, revealed in the lawsuit that he and his company sold the hotel in July 2015 for a total of $1.5 million, according to court documents.