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 Boston,
MA: Jim O’Connell. Tom Foley and Jeff Nolan of O’Connell
Hospitality Group, LLC represented Starwood Wakefield Realty
LLC, the owners of the Sheraton Colonial Hotel, Golf Course
and Country Club, Wakefield/Lynnfield, MA and introduced the
Buyers, Pyramid Hotel Opportunity Venture II LLC to the
project.
The project includes the 280 room full service hotel with
33,000 square feet of conference space and an 18 hole,
championship golf course situated on approximately 220
acres. One very appealing aspect of the property is the fact
that it has over 1,000 feet of frontage on I-95/U.S. Route
128 and can be directly accessed by two highway off ramps.
The ease of access opens the property up to a myriad of
potential alternative use development prospects.
The buyers are a joint venture between two very strong
Boston real estate groups, Pyramid Advisors LLC and National
Development. Pyramid has a multi-Billion dollar hotel
portfolio primarily comprised of large, full service hotels
in major metro marketplaces. National Development owns and
develops institutional grade properties in every real estate
segment. They own major office parks both north and south of
the Sheraton Colonial project. Specific plans for the
Colonial site are unknown at this time although the Sheraton
Hotel is expected to be renovated and the brand affiliation
will remain.
“The opportunity to acquire 220 acres along I-95/Rte 128,
serviced by two highway off ramps attracted investors from
across the country. Pyramid-National were able to combine
forces to create the most attractive deal for both the
Seller and their own investors. The quality of this investor
group insures that however the project evolves, everyone
including investors, employees and local municipalities will
benefit” said Jim O’Connell of OHG.
O’Connell Hospitality Group, LLC is a full service real
estate company providing brokerage, finance and consulting
services to the hospitality industry. It represents public
companies, financial institutions, equity funds and private
individuals across the United States. For additional company
information please visit www.oconnellhospitality.com or call
(978) 777.8898.
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