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.
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.