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Boston02124
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Re: W Hotel
looks like u caught a hawk swooping in low on the bottom right,unless it's a big brown pigeon?
looks like u caught a hawk swooping in low on the bottom right,unless it's a big brown pigeon?
Boston02124
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Re: W Hotel
I've seen them there before,I park on that st alot when I have to go to MDOT in the Transportation blgd. lots of rats from the hotels/rest. ect
I've seen them there before,I park on that st alot when I have to go to MDOT in the Transportation blgd. lots of rats from the hotels/rest. ect
JohnAKeith
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Re: W Hotel
So, a Herald commenter just posted this on a story about the W Boston:
wow, more housing for the rich, no affordable housing! guess i got to live in salem and celebrate haloween!
I looked into his claim, that there was no affordable housing included in this project, thinking he must be mistaken, yet I find no mention of it in any of the press releases.
Every project in Boston comes with a "mitigation package" (aka, shakedown money). I don't know what the developer had to come up with.
Anyone?
So, a Herald commenter just posted this on a story about the W Boston:
wow, more housing for the rich, no affordable housing! guess i got to live in salem and celebrate haloween!
I looked into his claim, that there was no affordable housing included in this project, thinking he must be mistaken, yet I find no mention of it in any of the press releases.
Every project in Boston comes with a "mitigation package" (aka, shakedown money). I don't know what the developer had to come up with.
Anyone?
Lurker
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Re: W Hotel
Most newspaper commenters whining about "affordable" housing in Boston think that if they can't get 2-4k square feet with dedicated parking for the same price as a McMansion in a bedroom community 45 minutes from Boston, it isn't "affordable" housing. The thought that maybe because one lives in a city there isn't a need for dedicated parking, or severely bloated square footages to amuse oneself within, is completely alien.
These are the same idiots that think the esplanade should be paved so that they drive 90 mph to Fenway Park or the Garden on 20 lane highway. Hell pave the common so that they can park for free.
Resident parking permits? What's this bullshit? I should be able to park anywhere for free!". But if someone parked in their house's driveway that would be "outrageous!". It's the same people that have lobbied politicians and steadily suburbanized Boston for half a century because they like working in or visiting the city with their cars, but could care less about anyone living in the city or the quality of life therein. The whole concept of living more compactly so that they don't have to travel forever to get someplace necessary or interesting is totally alien to them.
Most newspaper commenters whining about "affordable" housing in Boston think that if they can't get 2-4k square feet with dedicated parking for the same price as a McMansion in a bedroom community 45 minutes from Boston, it isn't "affordable" housing. The thought that maybe because one lives in a city there isn't a need for dedicated parking, or severely bloated square footages to amuse oneself within, is completely alien.
These are the same idiots that think the esplanade should be paved so that they drive 90 mph to Fenway Park or the Garden on 20 lane highway. Hell pave the common so that they can park for free.
Resident parking permits? What's this bullshit? I should be able to park anywhere for free!". But if someone parked in their house's driveway that would be "outrageous!". It's the same people that have lobbied politicians and steadily suburbanized Boston for half a century because they like working in or visiting the city with their cars, but could care less about anyone living in the city or the quality of life therein. The whole concept of living more compactly so that they don't have to travel forever to get someplace necessary or interesting is totally alien to them.
TheRifleman
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Re: W Hotel
W Hotel in Boston to be sold
March 28, 2011 04:15 PM By Casey Ross, Globe Staff
The luxury W Hotel is being sold today, less than a year after its developer filed for bankruptcy protection because of slow sales of the condominiums in the Theatre District complex.
Pebblebrook Hotel Trust, a Maryland-based investment firm, is buying the hotel from developer SW Hotel Venture LLC for $89.5 million, according to documents filed in US Bankruptcy Court today. Pebblebrook is not buying the portion of the complex with the 123 condominiums. The unsold condo units will still be under the control of SW Boston, a subsidiary of Sawyer Enterprises.
The hotel will continue to be operated under the W brand.
Related Content
Inside Boston's W HotelThe sale will help SW Boston repay debt related to development of the hotel and condominiums, which are contained in a 26-story tower that cost about $234 million to build. Prudential Insurance Co., which provided a $192 million loan for the complex's construction, tried to foreclose on the property last month but was rebuffed by a US Bankruptcy judge, who granted SW Boston more time to reorganize its finances.
Pebblebrook, a real estate investment trust, was organized in 2009 to acquire hotel properties in coastal markets that were struggling from the recession. Its other acquisitions include the Hotel Monaco in Washington DC, the Sir Francis Drake Hotel in San Francisco, and the InterContinental Buckhead Hotel in Atlanta, among others.
Executives with Pebblebrook could not be immediately reached for comment today.
Located at the corner of Stuart and Tremont streets, the W is a striking building with a sheer glass face, accented by fluorescent backlighting. It has 235 hotel rooms on its first 15 floors and 123 luxury residences on the top 13. Rooms can cost more than $300 a night.
SW Boston ran into financial trouble even before finishing construction of the W hotel and condominiums in the fall of 2009. It struggled to pay for furnishings and high-end finishes guests expect from the W brand, which emphasizes luxury amenities. Eventually the City of Boston stepped in with $10.5 million loan that allowed SW Boston to finish a spa, restaurant and theme bar on the property.
SW Boston's parent, Sawyer Enterprises, is run by Carol Sawyer Parks, daughter of taxi magnate Frank Sawyer, former owner of Checker Taxi Co. of Boston. The company had been trying to develop a hotel complex on the Stuart St. property since the 1990s, but the project had several false starts before finally moving forward in 2008.
The company's cash-flow problems worsened after the W's opening, with SW Boston selling only a handful of its condominiums as the recession ate into the demand for expensive housing and hotel rooms. Typically, developers of large, luxury complexes rely on the quick sale of condominium units to help support the early operations of the hotel.
But SW Boston has sold several condominiums recently. As of February, 29 condominiums had been sold, up from 12 at the time of the bankruptcy, and had several additional units under agreement. During recent bankruptcy proceedings, real estate specialists estimated the developer would be able to sell the remaining condominiums within three years.
http://www.boston.com/business/ticker/2011/03/w_hotel_in_bost.html
W Hotel in Boston to be sold
March 28, 2011 04:15 PM By Casey Ross, Globe Staff
The luxury W Hotel is being sold today, less than a year after its developer filed for bankruptcy protection because of slow sales of the condominiums in the Theatre District complex.
Pebblebrook Hotel Trust, a Maryland-based investment firm, is buying the hotel from developer SW Hotel Venture LLC for $89.5 million, according to documents filed in US Bankruptcy Court today. Pebblebrook is not buying the portion of the complex with the 123 condominiums. The unsold condo units will still be under the control of SW Boston, a subsidiary of Sawyer Enterprises.
The hotel will continue to be operated under the W brand.
Related Content
Inside Boston's W HotelThe sale will help SW Boston repay debt related to development of the hotel and condominiums, which are contained in a 26-story tower that cost about $234 million to build. Prudential Insurance Co., which provided a $192 million loan for the complex's construction, tried to foreclose on the property last month but was rebuffed by a US Bankruptcy judge, who granted SW Boston more time to reorganize its finances.
Pebblebrook, a real estate investment trust, was organized in 2009 to acquire hotel properties in coastal markets that were struggling from the recession. Its other acquisitions include the Hotel Monaco in Washington DC, the Sir Francis Drake Hotel in San Francisco, and the InterContinental Buckhead Hotel in Atlanta, among others.
Executives with Pebblebrook could not be immediately reached for comment today.
Located at the corner of Stuart and Tremont streets, the W is a striking building with a sheer glass face, accented by fluorescent backlighting. It has 235 hotel rooms on its first 15 floors and 123 luxury residences on the top 13. Rooms can cost more than $300 a night.
SW Boston ran into financial trouble even before finishing construction of the W hotel and condominiums in the fall of 2009. It struggled to pay for furnishings and high-end finishes guests expect from the W brand, which emphasizes luxury amenities. Eventually the City of Boston stepped in with $10.5 million loan that allowed SW Boston to finish a spa, restaurant and theme bar on the property.
SW Boston's parent, Sawyer Enterprises, is run by Carol Sawyer Parks, daughter of taxi magnate Frank Sawyer, former owner of Checker Taxi Co. of Boston. The company had been trying to develop a hotel complex on the Stuart St. property since the 1990s, but the project had several false starts before finally moving forward in 2008.
The company's cash-flow problems worsened after the W's opening, with SW Boston selling only a handful of its condominiums as the recession ate into the demand for expensive housing and hotel rooms. Typically, developers of large, luxury complexes rely on the quick sale of condominium units to help support the early operations of the hotel.
But SW Boston has sold several condominiums recently. As of February, 29 condominiums had been sold, up from 12 at the time of the bankruptcy, and had several additional units under agreement. During recent bankruptcy proceedings, real estate specialists estimated the developer would be able to sell the remaining condominiums within three years.
http://www.boston.com/business/ticker/2011/03/w_hotel_in_bost.html
Ron Newman
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Re: W Hotel
Instead of a W hotel, will it soon be an Ex-Hotel?
Instead of a W hotel, will it soon be an Ex-Hotel?
Digital_Islandboy
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Re: W Hotel
Can't miss it. Its across from the MBTA HQs at the corner of Stewart and Tremont Streets. (In the Theatre district). One block down from Boylston Street along the Boston Common. I watched them put that building up as many of the large cranes used to swing their huge bundles over the MBTA building to get into place. Used to make me d*mn nervous....
Beton Brut
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Re: W Hotel
And in his dimly lit office cubicle, Beton Brut mourned the death of sarcasm...
The W is a value-engineered shadow of a good building, by one of Boston's most competent architects.
And in his dimly lit office cubicle, Beton Brut mourned the death of sarcasm...
The W is a value-engineered shadow of a good building, by one of Boston's most competent architects.
Digital_Islandboy
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Re: W Hotel
It doesn't help that the banks aren't providing financing to many people right now.
It doesn't help that the banks aren't providing financing to many people right now.
Suffolk 83
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Re: W Hotel
Wasn't that building conceived of/financed during the boom period?
Wasn't that building conceived of/financed during the boom period?
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Re: W Hotel
What boom? I think Boston missed the boat on this so called "boom" that you speak of...
What boom? I think Boston missed the boat on this so called "boom" that you speak of...
JohnAKeith
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Re: W Hotel
The sale of the hotel sounds like a good thing. I don't know if Sawyer had planned this all along or only did it for the obvious reasons (cash flow). I don't know if owning a single hotel is ever prudent (unless you're Shari Belafonte).
The sale, if it all goes to debt, would reduce their loan from Prudential from ~$192 million to just over $100 million - that's a good thing. Perhaps they can dodge the bullet and wait out the three years it might take to sell the remaining ~90 condos left in the 123-unit unit building.
I was in one of the studios this past week. 427 SF is a tight fit but my client was very eager to take it (rental from a current owner) due to its location, style, newness, and amenities in the building (valet parking, restaurant, bar, fitness center).
Being around the corner from the clubs of Warrenton Street are the only negative.
The sale of the hotel sounds like a good thing. I don't know if Sawyer had planned this all along or only did it for the obvious reasons (cash flow). I don't know if owning a single hotel is ever prudent (unless you're Shari Belafonte).
The sale, if it all goes to debt, would reduce their loan from Prudential from ~$192 million to just over $100 million - that's a good thing. Perhaps they can dodge the bullet and wait out the three years it might take to sell the remaining ~90 condos left in the 123-unit unit building.
I was in one of the studios this past week. 427 SF is a tight fit but my client was very eager to take it (rental from a current owner) due to its location, style, newness, and amenities in the building (valet parking, restaurant, bar, fitness center).
Being around the corner from the clubs of Warrenton Street are the only negative.
Ron Newman
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Re: W Hotel
why is being around the corner from Blue Man Group a bad thing? (I can't think of anything else on Warrenton)
why is being around the corner from Blue Man Group a bad thing? (I can't think of anything else on Warrenton)
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