December 7, 2020Boutique Hotel News

Boston’s Hotel Commonwealth acquired for $113 million by Ohana Real Estate Investors

US: Florida-based Xenia Hotels & Resorts has sold the Hotel Commonwealth to luxury hotel operator Ohana Real Estate Investors for $113 million, $23 million less than it paid for the asset four years ago.

The Commonwealth is one of four properties that Xenia has sold as part of a plan to raise cash to pay off debt.

“Year to date, we have now sold four hotels for nearly $400 million,” said CEO Marcel Verbaas. “These dispositions have allowed us to efficiently raise a significant amount of capital at a superior cost to other alternatives.”

In 2016, the investment group paid $136 million to buy the hotel, which had recently added 96 rooms and extra meeting space.