BOSTON The 300-key Liberty Hotel has a new co-owner and manager, as HEI Hotels & Resorts announces the purchase of an ownership interest in a joint venture deal with original developer Carpenter & Company Inc.
HEI acquired the ownership interest for an undisclosed amount from Multi-Employer Hotel Partners LP, a closed-end fund managed by Bentall Kennedy. Carpenter invested additional capital in the transaction.
HEI has taken over management of the hotel as part of the agreement, and Carpenter will continue to be the hotel’s asset manager. The joint venture has affiliated the hotel with The Luxury Collection by Starwood Hotels & Resorts under a franchise agreement.
“Following a thorough vetting where we interviewed a large number of prospective partners, HEI—with its sterling reputation as one of the nation’s leading owners and operators of high quality properties—rose to the top of our list,” says Carpenter CEO Richard L. Friedman. “We have been involved with this property since it was an abandoned jail, and we firmly believe this unique hotel has significant, untapped upside potential and a fabulous, dedicated staff. By joint-venturing with HEI, we are confident that the best is yet to come.”
Located in the former Charles Street Jail in downtown Boston, the hotel is situated at the foot of Beacon Hill along the banks of the Charles River.