The Godfrey Hotel, a 242-key hotel in Downtown Crossing, has sold for $124 million to an affiliate of Elliott Management, a West Palm Beach, FL firm that manages nearly $80 billion in holdings. The Boston Business Journal reported that its previous owner, German asset manager Union Investment, paid $174 million for the site in 2015.
The Godfrey’s building also includes two ground-floor retailers, George Howell Coffee and Ruka Restobar. The hotel is operated by Oxford Hotel & Resorts, along with other Godfrey locations in Chicago, Detroit, Los Angeles and Tampa.
The hotel opened in 2016 as fortunes were changing for Downtown Crossing, which had suffered through long-stalled plans for redeveloping the former Filene’s site about a block away from the Godfrey. However, Suffolk University rebuilt and expanded Modern Theatre in 2010 across West Street, and Millennium Place had opened on a surface parking lot in 2013 across the street.
The post Elliott Management Snaps Up Downtown Crossing’s Godfrey Hotel appeared first on Connect CRE.
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