December 11, 2007
Hotel@MIT Name Now Le Meridien
The (MIT) Tech
By Arkajit Dey
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.
Posted by lumi at December 11, 2007 5:23 AM