510 New Hotel Rooms Slated Near Boston Venue
Ground was broken last week on two new hotels near the Boston Convention & Exhibition Center (BCEC). A 330-room Aloft Hotel and a 180-room Element Hotel will be built on land acquired by the Massachusetts Convention Center Authority (MCCA) in an effort to boost the number of available rooms near the venue.
“These hotels will provide much-needed mid-priced hotel rooms, not only to the South Boston waterfront, but to Boston as a whole,” says MCCA Executive Director James Rooney in a statement. “This is the first of several groundbreakings we hope take place as we push Boston toward being among the top meeting and convention destinations in the world.”
The 510 rooms in the two hotels, scheduled for completion in 2015, will be added to the 1,690 hotel rooms already within walking distance of the BCEC. The inventory, MCCA officials say, is drastically below its competitors’ average of 7,500 rooms within walking distance of their venues.
At the same time, the two new hotels will offer lower-priced alternatives to the existing hotels in the area, most of which are higher-priced “four-star” hotels.
The hotels carry a construction cost estimate of $140 million and will be privately owned and operated by a partnership that includes CV Properties, Starwood Hotels and Ares Management. They will lease the property from the MCCA and the hotels are expected to eventually generate about $5 million a year in various taxes.