BOSTON — Electra America Hospitality Group (EAHG) has acquired the 225-room Loews Boston Hotel in the heart of Boston’s Back Bay neighborhood. The purchase price was undisclosed. The buyer plans to rebrand the upscale asset as Hotel AKA Back Bay, marking hospitality operator AKA’s debut in the city.
Built in 1925 and located at 154 Berkeley St., the historic stone and masonry building served as the headquarters of the Boston Police Department from 1926 to 1990. The property is situated near many of Boston’s cultural attractions as well as its colleges and universities.
The new owner plans to invest roughly $20 million in design upgrades and renovations, which will be undertaken while the hotel remains open. The 222 guestrooms, two suites and penthouse suite will undergo a soft design update. The lobby will feature a library with an intimate seating area. Additional enhancements include a second-floor fitness center, spa, theater and a newly imagined rooftop.
Renovations will also be made to the hotel’s restaurant, Precinct Kitchen+Bar, which serves classic American dishes and New England seafood. The restaurant will feature a whiskey cellar, wine tasting room and a new private dining room with a spiral staircase.
The acquisition marks EAHG’s sixth hotel purchase over the last 18 months. EAHG is a $725 million discretionary hospitality fund formed in 2021 that is part of Electra America, a real estate private equity firm focused on value-add and opportunistic investments in the U.S. Sunbelt markets.
Jeffrey Davis, Alan Suzuki, Matthew Enright and Noelle DesLauriers of JLL represented the undisclosed seller in the transaction. Kevin Davis, Barnett Wu and Jonathan Schneider, also with JLL, arranged acquisition financing on behalf of Electra America.
AKA, a division of Korman Communities, operates 15 luxury hotels and hotel residences across seven markets.
— Kristin Hiller