|Number of units||184|
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Jones Lang LaSalle Americas, Inc. (JLL) is pleased to offer, on an exclusive basis, the fee simple interest in the Holiday Inn Somerville, a 184-room Hotel and lab development opportunity set on 3.3 acres in one of Boston’s rapidly developing life-science submarkets. The property offers investors the opportunity to acquire a strategically located hotel with excess land in a qualified Opportunity Zone.
Located less than a mile from Downtown Boston and Kendall Square, just steps from the future East Somerville MBTA Green Line station, the property benefits from a vibrant set of existing and proposed demand drivers. The hotel is surrounded by leading corporations in the life science and technology fields including Google, Microsoft, IBM, Pfizer, Philips, and Biogen; prestigious higher education institutions including Harvard University, MIT and Tufts (+46,800 students); and several recently-delivered, transit-oriented, master-planned developments. Additionally, the property is surrounded by several incoming developments including Cambridge Crossing, USQ, Boynton Yards, and Xmbly which will deliver more than 9.7 million square feet of mixed-use real estate upon completion.
The City of Somerville is poised for tremendous growth following the 2019 adoption of a comprehensive plan called SomerVision 2040 and a new zoning ordinance. Given the progressive zoning, the size of the property, and its location in a market driven by technology and innovation, investors can creatively consider a full or partial redevelopment to a life-science use.
- Strategic, long-term location
- Surrounded by transformative new developments
- Somerville’s progressive new zoning
- Existing hotel asset
- Lab (re)development potential
- Attractive cost basis
- Opportunity zone