Boston Planning Agency Greenlights Hawkins Way Capital's Sheraton Boston Conversion

BOSTON, Jan. 23, 2024 /PRNewswire/ -- The Boston Planning and Development Agency (BDPA) has approved Hawkins Way Capital's conversion of the Sheraton Boston Hotel's South tower into student housing.

Acquired by Hawkins Way Capital in 2022, the 1.1 million square foot Sheraton Boston Hotel's South tower was occupied by Northeastern University under temporary order during the COVID-19 pandemic, while the North tower continued to operate as a Sheraton hotel.

Ross Walker, Co-Founder and Managing Partner at Hawkins Way Capital, stated, "Our Sheraton Boston Hotel revitalization showcases the natural transformation of a select type of declining urban hotel to stay competitive. Strategically splitting the property into a modernized Sheraton hotel adjacent to Hynes Convention Center and an alternative-use tower relieving housing pressures ensures optimal benefits and financial viability."

BDPA's approval allows Hawkins Way Capital to operate the south tower as a 428-key student housing facility on a long-term basis. In addition, Hawkins Way Capital will commence a substantial capital improvement program planned for the 792-key Sheraton Boston Hotel North tower in order to upgrade the rooms and common areas to the new generation of Sheraton brand standards. The front of the South tower will also receive extensive renovations to make it an enhanced amenity.

Originally opened in 1965 as Sheraton's 100th property, the hotel and student housing towers are located at 39 Dalton St. and 60 Belvidere St., respectively, nestled in the historic Back Bay neighborhood, directly connected to the Prudential Center and the Hynes Convention Center. In a commitment to the neighborhood and its residents, Hawkins Way Capital is also contributing funds to facilitate the city to make public improvements on Belvidere Street.

About Hawkins Way Capital

Hawkins Way Capital is a vertically integrated real estate company with over $2.5 billion of assets under management, focusing on value-add and opportunistic investments across various asset classes and geographies. The company seeks niche theses targeting attractive risk-adjusted returns, leveraging the principals' investing experience and extensive network to execute strategies that offer long-term value.

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SOURCE Hawkins Way Capital