NEW YORK - 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.
About Highgate Highgate is a leading real estate investment and hospitality management company widely recognized as an innovator in the industry. Highgate is the dominant player in U.S. gateway markets including New York, Boston, Miami, San Francisco and Honolulu. Highgate also has an expanding presence in key European markets through properties in London, Paris, Barcelona, Vienna and Prague. Highgate’s portfolio of global properties represents an aggregate asset value exceeding $10B and generates over $2B in cumulative revenues. The company provides expert guidance through all stages of the hospitality property cycle, from planning and development through recapitalization or disposition. Highgate has created a portfolio of bespoke hotel brands and utilizes industry leading proprietary revenue management tools that identify and predict evolving market dynamics to drive outperformance and maximize asset value. With an executive team consisting of some of the industry’s most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, London, Dallas, Chicago and Seattle. For more information, visit highgate.com.
ABOUT hotelAVE 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.