NEW YORK--(BUSINESS WIRE)--Rockpoint Group, LLC, Highgate and Hotel Asset Value Enhancement (hotelAVE) announced today that they have agreed to purchase The Renaissance Boston Waterfront Hotel in a joint venture. Highgate and hotelAVE will also assume asset management as part of the sale.
Situated in the vibrant Seaport District, The Renaissance Boston Waterfront Hotel occupies a prime waterfront location at 606 Congress Street. The luxury hotel features 471 guestrooms, including a Presidential Suite, 20,000 square feet of meeting space and three food and beverage outlets including M.C. Spiedo Ristorante & Bar, Capiz Bar, and Starbucks®. M.C. Spiedo and Capiz Bar are both operated by the hotel. Additional amenities include a state-of-the-art fitness center, heated indoor pool and sauna, and spa treatment rooms.
Rockpoint, Highgate and hotelAVE are continuing their successful partnership with UNITE HERE in this premier hospitality asset. Marriott International Inc will continue to operate the hotel under The Renaissance brand. A capital renovation evaluation will commence shortly following the closing of the transaction to further identify areas for value enhancement.
ABOUT ROCKPOINT GROUP
Rockpoint Group, L.L.C. is a real estate private equity firm headquartered in Boston, with additional primary offices in Dallas and San Francisco. Since 1994, Rockpoint’s founding Managing Members, with others, have sponsored twelve commingled funds and related co-investment vehicles, raising approximately $17 billion in capital commitments and investing approximately $13 billion of equity in over 360 transactions with a total capitalization of approximately $48 billion. Rockpoint employs a fundamental value approach to investing in both its opportunistic and lower-risk strategies and focuses on select product types and geographic regions, with a primary emphasis on opportunities in major coastal markets in the United States.
Founded in 1988, Highgate is a leading independent and fully integrated international hospitality investment and management company. The firm and its select service sister company, Inn Ventures, presently invest in and operate more than 80 hotels representing over 25,000 rooms, the majority located in major gateway markets including New York City, San Francisco, Washington D.C., Boston, Miami, Honolulu, and Rome. Highgate’s Lifestyle Division focuses on luxury and lifestyle properties, including The Quin, WestHouse, and The Knickerbocker hotels in New York City and The Gates Hotel in Key West, Florida. Over the past 25 years, Highgate sister companies have owned with partners, over 100 hotels throughout the U.S. and Europe, as well as numerous commercial, mixed use and residential properties.
Hotel Asset Value Enhancement (hotelAVE) is the largest hospitality asset management firm, with a very successful 10+ year track record in asset management and prior institutional ownership. Featuring a management team consisting of former owners and consultants, hotelAVE offers over 300 years of hotel real estate investment, operations and asset management experience. The organization’s current asset management portfolio comprises over $5.5B and 22,000 rooms and the firm advises on an additional $10B annually including the following services: acquisition underwriting and due diligence, new manager and franchise selection, and development planning and repositioning services. hotelAVE works closely with many owners and law firms to negotiate management agreements on behalf of owners. hotelAVE’s offices are in Providence, New York and LA servicing clients in the Americas and Europe.