Paceline Equity Partners Acquires Marriott Boston Quincy for $88M

reprints


Paceline Equity Partners and BlackPearl Capital has acquired Marriott Boston Quincy for $88 million, and secured financing from Square Mile Capital in the process, Commercial Observer has learned.

Located at 1000 Marriott Drive, the hotel was originally developed in 2001 and underwent a major renovation in 2020. The 464-room property has more than 17,000 square foot of ballroom and meeting space, as well as a bar, a restaurant, an indoor pool, a fitness center and a 280-space garage.

SEE ALSO: Availability of Financing Top Concern for Investors in 2023: Marcus & Millichap

Walker & Dunlop facilitated the sale to Paceline in an off-market transaction, with a New York City-based team led by Sean Reimer, Aaron Appel, Keith Kurland, Jon Schwartz and Adam Schwartz

“Our relationship with the buyer and seller created a unique opportunity for an off-market acquisition that was attractive for all parties,” said Reimer. “BlackPearl Capital, a group with extensive hospitality ownership and operations expertise, and Paceline Equity Partners are poised to capitalize on this rare opportunity to own a best-in-class asset in a strong market with attractive demand fundamentals. New ownership is set up with an attractive basis relative to replacement cost.” 

Square Mile Capital, Paceline Equity Partners and BlackPearl Capital officials did not immediately respond to requests for comment.

Emily Fu can be reached at efu@commercialobserver.com.