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220 Alewife Book Parkway | Cambridge, MA 02138
Investment Highlights
Dynamic location within one of the most attractive lodging submarkets in the country
Jared Kelso
Senior Managing Director646.432.7480jared.kelso@berkadia.com
NY License #40KE1177408
Hotels & Hospitality
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Denny Meikleham
Managing Director
617.648.4186
Denny.Meikleham@berkadia.com
MA License #9519748
Chris Phaneuf
Broker of Record
MA License #9032841
Executive Summary
Berkadia Hotels and Hospitality has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the 121-room Freepoint Hotel Cambridge, Tapestry Collection by Hilton (the “Hotel” or “Asset”). The premium branded, recently renovated, select-service Hotel benefits from its strategic and highly accessible location near Massachusetts Bay Transportation Authority’s (MBTA) Alewife Station in one of the most sought-after lodging markets in the country – Cambridge, MA.
Fueled by the presence of two of most prestigious universities in the world in Harvard University and MIT, Cambridge is widely regarded as one of the country's most dynamic real estate and lodging markets renowned for its status as a leading innovationand technology hub. Surrounded by more than 4.5 million SF of office and lab space within a 1-mile radius, less than 1.5 miles from Harvard Square, and just 15 minutes from downtown Boston by either car or MBTA's Red Line at Alewife Station, the Freepoint Hotel Cambridge boasts an exceptional location proximate to the area’s top demand generators.
Furthermore, having undergone an all-encompassing $6.5 million (approximately $54,000 per key) renovation and conversion to the Tapestry Collection by Hilton brand in 2017, the Freepoint Hotel Cambridge was entirely repositioned within the submarket and primed to capture significantly greater market share. However, the Hotel's ramp to stabilization was disrupted by the impacts of the COVID-19 pandemic, which poses a considerable value-add opportunity in both top-line and operational efficiency. Offered unencumbered by management with non-union labor, a new owner/operator will have the ability to implement a customized revenue management and operating strategy that capitalizes on the Asset's refreshed product offering and Hilton affiliation to achieve performance benchmarks well-beyond historical levels upon the full return of demand in Cambridge.
The offering presents an extremely rare opportunity to acquire a recently renovated, premium branded hotel in one of the most dynamic and high barrier-to-entry lodging markets in the country with substantial and readily attainable value-add components at a fraction of replacement costs.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
HIGHLIGHTS
Outstanding multi-modal accessibility
Transformational area developments spurring future demand growth
Repositioned asset following recentcomprehensive renovation and Hilton affiliation
Top-line and cash flow exceeding2019 benchmarks with attainableupside remaining
Clean offering at a substantial discount to replacementcost with extreme barriers to entry
220 Alewife Book Parkway | Cambridge, MA 02138
Ixtapa pacific mexico
MEETING SPACE
+/- 440 SF
PARKING
90 Surface Lot Spaces ($25 per vehicle)
Amenities
Fitness center, 24-hour Lobby Pantry, indoor/outdoor ‘Secret Garden’ with fire pit, lobby billiards table, complimentary Wi-Fi, on-site parking ($25 per day)
FOOD & BEVERAGE
Freepoint Kitchen & Cocktails, Starbucks (leased)
Year Built / Renovated:
1965 / 2017
Guestrooms
121
Site Area
+/- 1.35 Acres
BUILDING AREA
+/- 50,797 SF
BUILDING
4 Stories
220 Alewife Book Parkway | Cambridge, MA 02138
TENURE
Fee Simple
Management
Unencumbered
Labor
Non-union
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Highlights
the hotel
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Steve Michels
Senior Managing Director646.432.7475steve.michels@berkadia.com
NY License #10401288926
John Kluh
Associate Director
410.562.7139
John.Kluh@berkadia.com
MD License #681312
Jared Kelso
Senior Managing Director646.432.7480jared.kelso@berkadia.com
NY License # 10401288926
Ixtapa pacific mexico
property details
220 Alewife Book Parkway | Cambridge, MA 02138
MEETING SPACE
440 SF
Ownership Structure
Fee Simple
Management
Unencumbered
Labor
Non-union
PARKING
90 Surface Lot Spaces ($25 per vehicle)
Additional Amenities
Fitness center, 24-hour Lobby Pantry, indoor/outdoor ‘Secret Garden’ with fire pit, lobby billiards table, complimentary Wi-Fi, on-site parking ($25 per day)
FOOD & BEVERAGE
Freepoint Kitchen & Cocktails, Starbucks (leased)
Year Built / Renovated:
1965 / 2017
Guestrooms
121
Site Area
+/- 1.35 Acres
BUILDING AREA
+/- 50,797 SF
BUILDING
4 Stories
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Andy Wimsatt
Senior Managing Director,Head of Hotels & Hospitality301.202.3571Andy.Wimsatt@berkadia.com
MD License 671388
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