Gencom, a leading hospitality and residential-mixed use real estate investment and development firm in North America, has announced its partnership with Gemstone Hotels and Resorts for the acquisition of the 114-room Ames Boston Hotel in the heart of downtown Boston.
"The Ames Boston Hotel is an irreplaceable asset with a prime location in the heart of Boston," said Alessandro Colantonio, senior vice president of acquisitions at Gencom. "We continue to have a healthy appetite for quality assets, located in major urban areas with high barriers to entry and with high return on investment potential. Following the completion of the renovation and the implementation of Gemstone's proprietary marketing and operations programs, the hotel will be well positioned to become the leading destination for upscale, discerning travelers to this market."
According to their press release in Business Wire, Gencom and Gemstone will immediately commence and watch over to the multi-million dollar renovation to re-position and reinvigorate the hotel. The renovation will change the hotel from top to bottom to bring business and leisure travelers some of the most excellent accommodations in Boston. Significant enhancements, including new case goods, soft goods and some unique technology will be added in the guest rooms, while the ground floor will see considerable changes which will emphasize the property's prosperous history and distinctive location in the heart of Boston.
"The Boston hotel economy is quite vibrant and continues to expand," said Jeff McIntyre, Gemstone's principal. "We will bring to bear some unique approaches to create one of a kind guest experiences-taking advantage of everything this hotel and its special location have to offer. The Ames is truly a one-of-a-kind hotel, and we intend to clearly distinguish it in a marketplace known for its iconic hotels and hospitality."
Ames Boston Hotel is listed on the National Register of Historic Places and is the second tallest masonry load bearing wall structure in the world. Originally built in 1893, the building is considered to be Boston's first skyscraper.
