News Briefs
Hotel@MIT Name Now Le Meridien
Upon the closing of the sale of Hotel@MIT on Dec. 5, the name of the hotel was changed to La Meridien Cambridge.
The 210-room hotel in University Park was sold by MIT and Forest City Enterprises to HEI Cambridge LLC, an affiliate of HEI Hotels & Resorts, for $63.2 million, or $301,000 per room, according to Forest City’s third quarter financial results press release.
The sale generated net cash proceeds of approximately $18 million for Forest City, the press release said. The property was sold at a cap rate of approximately 6.75 percent.
HEI told The Boston Globe that it would spend $7.3 million renovating the hotel. Renovations would be completed in 2009. The Globe also reported that there are plans for a new “gourmet restaurant concept.” The average room rate is expected to be $200 by year’s end and to increase by $20 to $50 after renovation.
Le Meridien is a French-style hotel brand owned by Starwood Hotels and Resorts, of which HEI is a subsidiary. Starwood also owns other well-known hotel brands including Sheraton, Westin, and Four Points.
—Arkajit Dey