Värde Partners and Hawkins Way Capital Acquire Sheraton Boston Hotel
NEW YORK – Värde Partners, a leading global alternative investment firm, and Hawkins Way Capital, a vertically integrated real estate company, announced today the recent purchase of 39 Dalton Street in the Back Bay neighborhood of downtown Boston, Massachusetts, from Host Hotels & Resorts [NASDAQ: HST]. The 29-story, 1.1 million square foot property currently operates as the 1,220-key Sheraton Boston Hotel.
This marks the sixth acquisition of the Värde Partners and Hawkins Way Capital joint venture targeting over $1 billion of value-add and distressed hospitality and housing assets in major U.S. cities. Today, the joint venture’s portfolio also comprises the DoubleTree by Hilton Metropolitan in the heart of Midtown Manhattan, along with four other residential developments in New York and California.
“We will continue to leverage our hospitality, multifamily and student housing expertise to refresh and/or reposition assets such as the Sheraton Boston Hotel in order to seek to maximize value,” said Ross Walker of Hawkins Way Capital.
“Our strategy for the joint venture is to build a high quality, inflation protected, and cash flow generative portfolio in major US cities,” said Francisco Milone, Partner at Värde Partners. “The pandemic is driving this opportunity among distressed hospitality and select housing assets in gateway markets with high demand for certain alternative hospitality, residential, and student housing products.”
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.
About Hawkins Way Capital
Hawkins Way Capital, co-founded by Managing Partners Ross Walker and Karan Suri, is a vertically integrated real estate company with over $1.5 billion of assets under management on behalf of institutions and individuals focused on value-add and opportunistic investments across various asset classes and geographies. The company seeks niche theses targeting attractive risk-adjusted returns. Its disciplined approach leverages the principals’ investing experience and extensive network to execute strategies that offer long-term value. Hawkins Way has offices in Los Angeles and New York. For more information, please visit www.hawkinsway.com.