Boston & Cambridge Hotel Market Is Off The Charts
"The Boston & Cambridge hotel market is off - off the charts, hitting new record highs for occupancy, room rate and RevPar" Greater Boston Convention & Visitors Bureau President & CEO Patrick B. Moscaritolo reported last week. "With the addition of over 3,000 new hotel rooms opening over the next three years, Boston's hotel market is booming. The nearly three dozen new hotel projects will include full service hotels, boutique properties, as well as extended-stay facilities," Moscaritolo added.
More than half of the 3,000 new rooms will be in the Boston Waterfront area. A 330-room Aloft hotel and a 180-room Element hotel will open opposite the Boston Convention & Exhibition Center in early 2016. This $137.8 million project broke ground in December 2013 and will bring 510 new hotel rooms to the convention center district.
In addition, the Massachusetts Port Authority and the Massachusetts Convention Center Authority are reviewing proposals from parties interested in developing, financing, constructing and operating a 1,000 to 1,200 room flagship hotel at the BCEC.
The Envoy Hotel, a $70 million, 100,000 square-foot, 136-room, 6-story luxury "Autograph Collection" boutique hotel by Marriott will open this spring in the Fort Point neighborhood near the site of the landmark Boston restaurant, The Barking Crab.
"What's most exciting is these hotel development projects are adding inventory across Boston and Cambridge", Moscaritolo added. Near Boston's North End two hotels are slated to open in 2017. A 210-room Courtyard Boston TD Garden/North Station and an extended-stay TownePlace Suites by Marriott are planned as part of the $165 million "Merano" development on the Beverly Street section of the Rose Kennedy Greenway, adjacent to TD Garden.
Faneuil Hall Marketplace is proposing a dramatic overhaul of the historic property that would create a new boutique hotel and revitalize the shopping experience. The concept would transform the crowded central food court into more open retail spaces, bars, and sit-down restaurants. It would also add several glass pavilions for shopping and dining. In addition, developers Normandy Real Estate Partners and Jones Lang LaSalle will build the Haymarket Square Hotel & Boston Public Market. The mid-priced hotel will add 180 rooms to this popular area and the Boston Public Market will include pushcart vendors, as well as the new indoor, year round 28,000 square-foot Public Market. Haymarket Square Hotel is projected for 2017 while the Public Market is set to open later this summer.
The Godfrey Hotel, opening in Downtown Boston this fall, is a luxury boutique hotel with 243 rooms, a full service restaurant, retail space, a coffee shop and a 1,500 square-foot spa center.
In the Back Bay, Boston-based Saunders Hotel Group purchased the former John Hancock Hotel & Conference Center and is restoring and converting it into an upscale boutique hotel. The 33-story project will include a 220-room hotel with meeting spaces, 142 residences, 100 parking spaces, and several restaurants and has a projected opening of 2017.
Also in the Back Bay, 1 Dalton Street broke ground January 14, 2015 on two towers. The 211-room Four Seasons Hotel will occupy the first 20 floors of the building with 180 condos spread across the upper 40. The opening is projected for early 2018.
Also in the works is a $66 million Theatre District Hotel. The 21-story, 202-room, boutique hotel is planned for 2017.
A Towneplace Suites Boston Logan Airport Chelsea opened in March and a Hilton Garden Inn Boston Logan Airport will open later this year, both in close proximity to Logan International Airport. The new Towneplace Suites features 140 studio and one-bedroom hotel suites. It will be followed by the 178-room, $32 million Hilton Garden Inn.
Cambridge is also seeing new inventory: the 123-room Fairfield Inn & Suites by Marriott-Boston Cambridge opened in March and the 65-room Porter Square Hotel is set to open in the spring of 2016. The Fairfield Inn & Suites is located just steps away from Lechmere Station, Colleges and Universities, and only three miles from Logan International Airport. The Porter Square Hotel will include a restaurant with a full bar, private dining facilities and an outdoor rooftop garden.
In Somerville, Hay Creek Hotels will manage a new, upscale independent hotel. The project will break ground this spring and the yet-to-be named hotel will feature 45-oversized guest rooms and suites, small meeting facilities and a street level restaurant. In addition, five development teams are vying for the rights to build a 100-room boutique hotel on Day Street in Somerville's bustling Davis Square.
For more information go to: www.bostonusa.com.
FOR IMMEDIATE RELEASE
March 17, 2015
David O'Donnell, Greater Boston Convention & Visitors Bureau
(617) 867-8214 email@example.com