Loews Sells Back Bay Hotel for $116.6 Million
August 16, 2022
Electra America Hospitality Group has acquired the 225-room Loews Boston Hotel from Loews Corp. for $116.65 million.
In a news release, EAHG said it plans to convert the upper-upscale hotel in the Back Bay neighborhood into Hotel AKA Back Bay, debuting the luxury long-stay AKA brand in Boston.
They plan to invest $20 million in design upgrades and renovations while keeping the hotel open. Its 222 guestrooms, two suites and penthouse suite will undergo soft design updates as well. The lobby will feature a library with a seating area for morning coffee, afternoon tea and evening cocktails with live music.
The sale generated $525,000 per key. Loews had owned the property since 2013, when it paid $84,387,000, or $375,000 per key.