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Embassy Suites Hotel for sale at Logan
Boston Business Journal, 09/11/2012
By Thomas Grillo

Embassy Suites Hotel Boston at Logan International Airport is one of 13 hotels for sale by Eagle Hospitality Properties.

Eagle Hospitality Properties Trust has reached an agreement with Blackstone to sell off 13 of its hotels and repay $606 million in secured debt that was due on Sunday.

Under the terms of the deal, Eagle will sell a portfolio of 3,538 rooms including the Embassy Suites Hotel Boston at Logan International Airport.

“We were able to cut a mutually beneficial deal with our lender, where we will have a reasonable period of time to have a robust marketing process for purposes of maximizing value,” said Marc Beilinson, Eagle

At the time the original loan was signed in 2007, Beilinson said it was beginning of the downturn and the recession. “Revenue per available room had dropped dramatically,” said Beilinson. “But these hotels have recovered amazingly well and we’ve had an amazing amount of interest from private equity firms, public and private REITs and real estate funds. We are very optimistic about the level of interest.”