New York developers Maddd Equities and Joy Construction are adding some Massachusetts hotels to their portfolio.
The companies, along with AWH Partners, recently announced that they have purchased three hotels in the Boston suburbs: the Holiday Inn & Suites in Peabody, the Holiday Inn & Suites in Marlborough and the Holiday Inn Boston-Dedham Hotel and Conference Center. They paid a total of $55 million for the properties.
AWH’s hospitality management company Spire Hospitality will manage the hotels. The companies plan to make extensive renovations to them, including upgrading the guest rooms, meeting spaces and common areas.
The hotels have a total of 555 rooms and 8,000 square feet of space for events and meetings.
This is the first purchase in the Boston market for all three companies, according to Joy Construction’s Eli Weiss. He described it as a good market for real estate thanks to factors like the universities and strong technology industry.
“Opportunities to buy something like this in these markets, where it’s a high barrier to entry to build but the revenue drivers are there, are far and few between,” he said.