The Fairfield Inn & Suites in Milford, Mass., has been sold to a regional owner/operator in a deal facilitated by Alchemy Real Estate Advisors. The lender-owned hotel—which is located in the Boston area—was sold on behalf of a CMBS special servicer. Other terms and conditions were not disclosed. The buyer plans to renovate the three-story, 73-room property and retain the Fairfield flag.
The property—which was built in 2001 and is located on a nearly 2 acres parcel of land—was unencumbered by management and debt. The hotel was transferred to special servicing in November 2020 and the lender completed foreclosure in May 2022.
The hotel is located near the UMASS Memorial Milford Regional Medical Center, which serves more than 20 surrounding towns in Worcester, Middlesex and Norfolk counties. It is also roughly three miles from all Milford area corporate demand, including Waters Global Headquarters, Consiglia Construction, Milton CAT, Ardagh Group, Barker Steel and Nitto Avecia.
The transaction marks Alchemy’s second closing in New England in as many weeks, following the recent sale of the La Quinta Inn & Suites in Portland, Maine.