An affiliate of BHI first identified an off-market Class C hotel investment opportunity through its professional network and insights. BHI was directly responsible for negotiating the purchase contract, acquisition and structuring the equity and debt financing for the award-winning Hotel Indigo located at 399 Grove Street, Newton, Ma, a former operating Holiday Inn. The business plan included two goals, (i) the complete repositioning of the hotel into a higher branded offering and (ii) a re-development of the adjacent Riverside MBTA Station parcel through an Invitation to Bid process issued by the MBTA. BHI assembled the entire team and led the complete renovation and repositioning of this property into a branded boutique Hotel Indigo and a modern upscale restaurant/lounge, Bokx 109 .
Through BHI’s efforts, and as part of the ownership group’s original business plan of acquiring the hotel property, initiated independent conversations with the MBTA, City of Newton and State Government officials to engage in a discussion on the redevelopment opportunities at the Riverside Station, a Class AAA located terminal intermodal station. These efforts resulted in the successful issuance of an Invitation to Bid on the Development Rights at Riverside Station and, subsequently, the successful award of such Development Rights in February 2009 to a partnership led by BHI and the execution of an 87-year ground lease.
Type: Hotel Redevelopment
Address: 399 Grove Street – Newton, MA