Massachusetts investment firm purchases second hotel in Maine
Courtesy / Holliday Fenoglio Fowler
A Burlington, Mass., hospitality investment and management company, AAM 15 Management LLC, acquired the Embassy Suites Hilton near the Portland International Jetport.
A Burlington, Mass., hospitality investment and management company has purchased Embassy Suites Hilton of Portland. Terms of the sale were not disclosed.
It is the second Maine hotel deal for AAM 15 Management LLC. In March 2018, it acquired the Hilton Garden Inn Downtown Freeport.
Embassy Suites by Hilton Portland is a 119-room, full-service hotel located at 1050 Westbrook St. adjacent to the Portland International Jetport and just off Interstates 95 and 295. The six-story hotel includes a restaurant, fitness center, indoor pool and 3,615 square feet of meeting/event space.
The firm has set its sights on further development and acquisitions along the East Coast, founder and CEO David Masse said in the release.
“While the hotel undertook a recent renovation of its lobby space, we have an extensive property improvement plan that will give a lift to the remaining public space, guest rooms, pool and fitness area and overall curb appeal, enhancing both the property value and guest experience,” the release says.
Holliday Fenoglio Fowler, a commercial real estate firm based in Dallas with an office in Boston, represented the private sellers in the sale.
The Hilton Garden Inn Downtown Freeport, at 5 Park St., was AAM 15’s fifth acquisition and the company’s first Hilton branded hotel.
“The hotel acquisition checked all of our boxes to provide our investors the opportunity to own a top branded hotel with excellent operating cash flow,” Masse said in a news release at that time. “While the hotel is in very good condition, we have an extensive property improvement renovation planned to give the hotel guest rooms and public areas a contemporary look and feel; enhancing the property value and hotel guest's experience."
The company expected its $3 million property improvement plan to be completed by this May. Value-add opportunities include excess land available to either expand the hotel or redevelop the property with multifamily units.
In addition to the Portland and Freeport hotels, the company's assets include the Crowne Plaza in Woburn, Mass.; Residence Inn by Marriott in Burlington, Mass.; Residence Inn by Marriott in Colchester, Vt..; Doubletree by Hilton in Burlington Vt., Springhill Suites in Roanoke, Va.; and, opening next year, a Residence Inn by Marriott in Manchester, N.H.
Most Recent
Most Recent
0 Comments