Sale and financing secured for two hotels in Devens, MA

BOSTON, Oct. 21, 2024 – JLL Capital Markets has closed the sale and arranged acquisition financing for the Hilton Garden Inn Devens and the SpringHill Suites Devens in Devens, Massachusetts.

JLL represented the seller, RA Ventures, in the transaction. Working on behalf of the new owner, the JLL team also secured acquisition financing through BankProv for the Hilton Garden Inn and Avidia Bank for the SpringHill Suites. The hotels will be managed by Jamsan Hotel Management.

The 118-room Hilton Garden Inn Devens and 120-room SpringHill Suites Devens are located in Devens, approximately 35 miles northwest of Boston. The hotels benefit from their proximity to numerous corporate demand drivers in the growing Devens innovation cluster.

The Hilton Garden Inn Devens, situated at 59 Andrews Pkwy, features 118 guest rooms, the Great American Grill on-site restaurant, an indoor pool, fitness center with Peloton bikes, business center and 4,575 square feet of meeting space across five event rooms.

The SpringHill Suites Devens, located at 27 Andrews Pkwy, offers 120 suites, complimentary breakfast, an indoor pool, fitness center and business center. The hotel is connected to the Devens Common Conference Center, which provides over 14,000 square feet of flexible meeting and event space across 13 rooms, making it a popular venue for weddings, social events and corporate functions.

Both properties are prominently located off Route 2 at Exit 37B, directly between I-495 and I-190, providing convenient highway access to major economic centers in the region. The area surrounding the hotels offers numerous amenities, including miles of walking paths and bike lanes, playing fields, the award-winning Red Tail Golf Club, 2,100 acres of open space, the Oxbow National Wildlife Refuge and water activities on Mirror Lake.

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Alan Suzuki, Senior Director Matthew Enright and Associate Emily Zhang. Managing Director Amy Lousararian and Associate Hugh Doherty spearheaded JLL's Debt Advisory team.

“These well-located, high-quality assets attracted strong investor interest,” said Suzuki. “The buyer recognized the opportunity to acquire the only two hotels in Devens, positioning them to capitalize on the area's continued growth in a market with high barriers to entry and constrained supply.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Since 1987, RAVentures has been building a group of exciting and diverse companies while forming strategic and lasting alliances. RAVentures interested span multiple sectors including hospitality, restaurants, entertainment and real estate.

Jamsan is a mid-sized New England based hotel & asset management company, which is recognized by its investors, franchisers and clients as quality intensive. Jamsan owns & manages a wide variety of properties in the North East United States. Jamsan works with all the leading national brands such as Hilton, Marriott International, Hyatt Hotels Choice Hotels, Best Western International and Intercontinental Hotel Group to provide a unique lodging solution for the greater New England region. Jamsan’s expertise includes development, third party hotel operations, hotels sales and marketing, advertising & asset management.

BankProv is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a full-service commercial bank headquartered in Massachusetts. With retail branches in the Seacoast Region of Northeastern Massachusetts and New Hampshire, as well as commercial banking offices in the Manchester/Concord market in Central New Hampshire, BankProv delivers a unique combination of traditional banking services and innovative financial solutions to its markets. Founded in Amesbury, Massachusetts in 1828, BankProv holds the honor of being the 10th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

Avidia Bank is a $2.6 billion community bank headquartered in Hudson, MA with additional branches in Westborough, Framingham, Shrewsbury, Clinton, Leominster, Marlborough, and Northborough. For more than 150 years, the Bank has provided personal, commercial, and residential banking services. Learn more at avidiabank.com. Member FDIC. Member DIF.