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Hilton Garden Inn Devens – Image Credit JLL
JLL Capital Markets has completed the sale and organized acquisition financing for two properties in Devens, Massachusetts: the Hilton Garden Inn Devens and the SpringHill Suites Devens. RA Ventures, the prior owner, was represented by JLL during the transaction.
From now on, Jamsan Hotel Management will manage the hotels. BankProv secured the financing for the Hilton Garden Inn, while Avidia Bank financed the purchase of SpringHill Suites.
The Hilton Garden Inn Devens is a 118-room hotel offering a restaurant, an indoor pool, a fitness center, a business center, and over 4,000 square feet of meeting space. On the other hand, the SpringHill Suites Devens has 120 suites and is connected to the Devens Common Conference Center. It offers a complimentary breakfast, an indoor pool, a fitness center, a business center, and over 14,000 square feet of meeting space.
Both hotels are strategically located in Devens, about 35 miles northwest of Boston. They are conveniently accessible via major highways and are close to several corporate demand drivers in the Devens innovation cluster. Additionally, the surrounding area offers a variety of amenities, including walking paths, bike lanes, a golf club, and a wildlife refuge.
The JLL Capital Markets team, led by Alan Suzuki, Matthew Enright, Emily Zhang, Amy Lousararian, and Hugh Doherty, managed the transaction. The buyer saw an opportunity to acquire the only two hotels in Devens, a growing market with high barriers to entry and limited supply.
