BOSTON--(BUSINESS WIRE)--Representatives of Gencom, one of North America’s leading luxury hospitality and residential / mixed-use real estate investment and development firms, today announced that, through its new partnership with Gemstone Hotels and Resorts, it has acquired the 114-room Ames Boston Hotel in the heart of downtown Boston. The property will be operated by Gemstone Hotels & Resorts, a full-service hotel management company that specializes in operating luxury and upscale urban hotels and resorts. Gencom and Gemstone will immediately undertake and jointly oversee a multi-million dollar renovation to re-position and reinvigorate the hotel. RobertDouglas was the exclusive advisor to the seller, a private investment group, in the sale.
"The Ames Boston Hotel is an irreplaceable asset with a prime location in the heart of Boston," said Alessandro Colantonio, senior vice president of acquisitions at Gencom. “We continue to have a healthy appetite for quality assets, located in major urban areas with high barriers to entry and with high return on investment potential. Following the completion of the renovation and the implementation of Gemstone’s proprietary marketing and operations programs, the hotel will be well positioned to become the leading destination for upscale, discerning travelers to this market.”
The renovation will transform the hotel from top to bottom to bring business and leisure travelers some of the finest accommodations Boston has to offer. Guest rooms will receive significant enhancements, including new case goods, soft goods and some unique technology. The ground floor will see significant changes which will highlight the property’s rich history and unique location in the heart of Boston. Additionally, the hotel’s existing meeting space will be expanded and substantially modernized.
Considered to be Boston’s first skyscraper, the Ames Boston Hotel is listed on the National Register of Historic Places and is the second tallest masonry load bearing wall structure in the world. Originally constructed in 1893, the hotel enjoys a prime location within the Government Center, within walking distance to the financial district and next to the renowned Faneuil Hall Marketplace.
“We have a long history of operating hotels in Boston and throughout New England,” said Thomas Prins, Gemstone's principal. “This property, along with the Copley Square Hotel we currently manage, will give us significant economies of scale and ability to capitalize on all the Boston hospitality marketplace offers.”
“The Boston hotel economy is quite vibrant and continues to expand,” said Jeff McIntyre, Gemstone’s principal. “We will bring to bear some unique approaches to create one of a kind guest experiences—taking advantage of everything this hotel and its special location have to offer. The Ames is truly a one-of-a-kind hotel, and we intend to clearly distinguish it in a marketplace known for its iconic hotels and hospitality.”
About Gencom
Gencom was founded in 1987 by Mr. Karim Alibhai and is one of North America’s leading hospitality and residential-mixed use real estate investment and development firms, offering expertise in many distinct areas of the industry including finance and capital markets, asset management, design and development, M&A and equity management and residential sales & marketing. Since its inception, Gencom has focused on executing turnaround and repositioning strategies that involved portfolio and single asset transactions within a variety of hospitality segments including luxury, limited-service and full-service assets. Gencom companies’ successful track record has led to significant ventures with prominent institutional investors, family offices and strategic partners both in the Unites States and internationally. Gencom is based in Coral Gables, Florida with representative offices in Houston, Texas.
About Gemstone Hotels & Resorts LLC
Headquartered in Park City, Utah, with offices in Stamford, Connecticut, Gemstone is a full-service management company that specializes in luxury and upscale hotels and complex resorts. Gemstone currently manages 19 hotels and resorts throughout the United States. For more information about Gemstone, please visit www.gemstoneresorts.com.
