Partners Plan to Transform Property with Significant Capital Improvement Plan
WOBURN, MA. – November 19, 2015 – The Davis Companies (TDC) in partnership with The Rubicon Companies (Rubicon) announced today the acquisition of the Hilton Hotel in Woburn, Mass. The full-service 344-key hotel sits on 8 acres of land at 2 Forbes Road in Woburn. The Hilton is directly off the I-95/I-93 interchange just 12 miles north of downtown Boston in a location that provides great visibility from I-93 with ample onsite parking and is a five-minute walk from the Cummings Park Business Center.
This acquisition represents a unique opportunity to acquire one of the few full-service hotels in this submarket at well below replacement cost. Working closely with CBT Architects and hotelier Robin Brown, who is well-known for his work as the long-time manager of Boston’s Four Seasons Hotel, as well as co-developer of Boston’s Mandarin Oriental and Verb Hotels, TDC is applying its renowned repositioning expertise to reimagine the hotel’s large glass atrium into a central hub. The atrium will feature an inviting, contemporary restaurant and lounge that will serve as the hotel’s social epicenter. Other amenities will include an indoor pool, state-of-the-art fitness center, executive lounge, complimentary shuttle to nearby attractions, and an 18,000-square-foot function room and ballroom.
“We are thrilled to join with an experienced operator like Rubicon and apply our repositioning expertise to transform this prime hotel into a favored destination within the community, as well as a go-to hotel for business travelers, visitors and events,” said Mark Bush, SVP of Asset Management for The Davis Companies. “We are excited about our partnership with Rubicon and Robin and believe that this choice property will generate long term value.”
“At the hotel, we see a spectacular renovation opportunity to improve the guest experience for travelers as well as local social functions and meetings. We also had the ability to enhance management with Pyramid Hotel Group. We look forward to working with the team to bring the new and improved hotel to reality,” said Marc Gordon, principal at Rubicon (former President and Board Member of Morgans Hotel Group).
Renovation work, which includes a nearly $15 million Property Improvement Plan (PIP) to meet Hilton brand standards, is scheduled to start in the fourth quarter of 2016. The hotel is open and will remain in business throughout the renovation process. TDC and Rubicon have tapped Boston-based Pyramid Hotel Group to manage the hotel.
JLL Managing Director Jeff Davis and Managing Director Gilda Perez-Alvarado listed the property.
TDC’s success in repositioning is evidenced in its projects across the country. Currently, TDC is transforming the 500,000-square-foot landmark Union Trust Building, a prominent architectural icon in the heart of downtown Pittsburgh’s Mellon Square submarket, into the ultimate work/play environment. Recently, the company also successfully transformed The Xchange in Bedford, Mass. and The Center at Corporate Drive in Burlington, Mass. into engaging office campuses with an ideal work / life balance.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested nearly $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
About The Rubicon Companies
The Rubicon Companies are affiliated hospitality and real estate investment, development, and asset management companies focused on achieving superior returns through the hands-on application of their industry expertise. Rubicon’s team has extensive experience in acquisition, finance, development, operations, and marketing throughout the United States and Europe. Rubicon was founded in 2011 by Marc Gordon, formerly the President and a member of the Board of Directors of Morgans Hotel Group. Rubicon may be reached at firstname.lastname@example.org.
Contact: Lauren Michaels