JLL closes sale of 114-room Ames Boston Hotel

Ames Boston Hotel, 1 Court Street, Financial District, Boston, MA

BOSTON, MA – JLL announced  it has closed the sale of the Ames Boston Hotel, a 114-room historic hotel located in the heart of Boston’s Financial District.

JLL marketed the property on behalf of the seller, Invesco Real Estate, a global real estate investment manager, and procured the buyer, Suffolk University.

Denny Meikleham

The Ames Boston Hotel is centrally located at 1 Court Street in Boston’s thriving Financial District along Boston’s renowned Freedom Trail and steps from the Old State House and Faneuil Hall/Quincy Market.  

Originally built in 1893, the Ames Boston Hotel is listed on the National Register of Historic Places and was redeveloped into a luxury hotel in 2009.    

The JLL Capital Markets team representing the seller was led by Managing Director Denny Meikleham, Senior Director Alan Suzuki and Director Matthew Enright. Ted Wheatley and Robert Webster of JLL represented the buyer in the transaction.

Alan Suzuki 

“This was an extremely rare opportunity for a buyer to acquire a historically significant asset in this prime location,” Suzuki said.  “Interest level was very strong from both international and domestic hotel and non-hotel investors. 

"We are happy that one of Boston’s premier luxury hotels will now be incorporated into the long-term strategic plans and initiatives of both Suffolk University and the City of Boston for providing more on-campus student housing opportunities for the thousands of students who live in Boston.”

Marisa Kelly

"The 1 Court Street building expands our core downtown campus and will give our students unparalleled access to exciting living and learning experiences in the center of Boston,” said Suffolk University President Marisa Kelly. 

Matthew Enright

“This is a great opportunity for Suffolk and an important investment in our future, and we look forward to working closely with the city and our neighbors as we move through the community process.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Ted Wheatley

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.  Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About Invesco Real Estate

Invesco Real Estate is a global leader in the real estate investment management business with $80.3 billion in real estate assets under management, 519 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/19). 

Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992.

 Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. 

Robert Webster

NYSE: IVZ; www.invesco.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.

 In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.

Contact:

 Kristen Murphy

 JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

Thomas. E. Tether Joins Morrison & Foerster in New York

Thomas E. Tether

NEW YORK, NY – Morrison & Foerster, a leading global law firm, is pleased to announce that Thomas E. Tether has joined the firm in New York in its Global Real Estate Group.

He comes to the firm from Lendlease Group, an international property development, construction, and infrastructure company. Mr. Tether served in various leadership roles during his more than 16 years with Lendlease, most recently as general counsel for Lendlease Americas.

 Mark Edelstein

At Morrison & Foerster, Mr. Tether will, among other things, counsel clients on real property acquisitions and dispositions, joint ventures and partnerships, and the financing and development of all real estate asset classes.

During his last nine years as GC for the Americas region at Lendlease, Mr. Tether was a member of the regional executive leadership team and oversaw all legal services throughout the Americas, including in the United States, Canada, and Latin America.

Jeffrey Temple

He led a team of 18 in-house lawyers that provided legal services relating to the company’s real estate operations, including oversight of region-wide compliance and litigation.

He regularly negotiated and closed complex, multiparty corporate real estate transactions, and secured project financing through various governmental and private-sector debt and equity sources. Mr. Tether also served on the company’s regional investment and risk and compliance committees.

Alice Connaughton

“I am delighted to welcome Tom to the firm. He is a seasoned lawyer and his strong background in a wide variety of sophisticated commercial real estate matters both complements and enhances our group’s existing strengths,” said Mark Edelstein, chair of the firm’s Global Real Estate Group.

Heath Linsky

“Tom’s almost 30 years of experience in the real estate industry will immediately benefit our clients.”

Mr. Tether also brings experience in construction as it relates to large-scale project construction management, subcontracting, and procurement, including government contracting, as well as dispute management.

Additionally, he is highly qualified in public-private partnerships, having spent significant time on Military Housing Privatization Initiative projects while at Lendlease.

Oliver s’Jacob

“Tom’s in-depth understanding of issues pertaining to construction law and disputes and public-private partnerships further strengthens our group’s offerings,” said Jeffrey Temple, co-chair of the firm’s U.S. Real Estate Group.

“Tom has a long track record of success in the real estate space, and we are confident that he will be a great asset to our clients.”

Mr. Tether’s addition underscores Morrison & Foerster’s continued strategic expansion of its global real estate capabilities.

Luke Mines

He is the fifth senior real estate industry lawyer to join the firm in the past year, following REIT partners Alice Connaughton and Heath Linsky in Washington, D.C. and Atlanta, respectively; Equity and Finance Real Estate partners Oliver s’Jacob and Luke Mines in London; and Real Estate of counsel John Davie in New York.

“MoFo has one of the most highly-regarded and well-respected real estate groups,” said Mr. Tether. “I’ve had the pleasure of previously working with several of the firm’s real estate lawyers.

 "I look forward to closely collaborating with them and other attorneys at MoFo to further build on the firm’s real estate capabilities.”

John Davie

CONTACTS:

John Garger jgarger@rippmedia.com 212-262-7484
Allan Ripp aripp@rippmedia.com 212-262-7477

Heather McCrory Named Inaugural Castell Award Winner

Heather McCrory

ATLANTA, Oct. 3, 2019—Officials of Castell Project, Inc., a 501(c)3 nonprofit organization dedicated to accelerating the careers of women professionals in the hospitality industry, today named Heather McCrory, Accor chief executive officer of North & Central America, as the winner of its inaugural Castell Award honoring a woman leader in the hospitality investment arena. 

The award was presented to McCrory at the 2019 Lodging Conference held in Phoenix, Ariz., where she received a unique, handcrafted award designed by artist Brad McCollum representing the glass ceilings women rise through as they succeed. 

A seasoned professional with an extensive hospitality background spanning more than 30 years, McCrory joined Accor’s executive committee upon her appointment to CEO, North & Central America, in April 2019.

Patty Berg

In this position, she is responsible for the strategic direction of the global hospitality group in the region, with oversight of more than 115 hotels, 11 brands in 10 countries, 28,000 employees and more than $3 billion in revenue. 

She also serves as the executive sponsor for North & Central America for RiiSE, Accor’s international network to promote diversity that launched in October 2018.

“The work that the Castell Project is doing to assist women in securing one in every three leadership seats in the hospitality industry is encouraging, but we all still have a long way to go,” McCrory said.

"Gender inclusivity is a personal and passionate goal of mine, both for Accor and the hospitality industry at large.  While women make up more than 50 percent of the hospitality workforce, we need to have more females in the board room. 

"With organizations like the Castell Project in place, I am confident we will one day meet our diversity goals.  As numerous studies have proven, this benefits the industry and drives our collective performance.”

Accor’s Heather McCrory (left)  Receives 
the Inaugural Castell Award from Kirk Kinsell,
 board member and Peggy Berg, president, 
Castell Project, Inc.”

McCrory leads numerous initiatives as part of the RiiSE program, including a research project to understand why women are opting out of leadership roles and a formal mentorship program for women within the organization who have the potential and desire to be a GM within the next three to five years.

“The Castell Project received a wonderful roster of nominations describing deserving leaders and the impact they are having on coworkers – female and male – and how they are shifting the culture within their organizations,” said Peggy Berg, Castell Project president.

“Heather stood out as a powerful female making a difference in the industry. She understands wholeheartedly that as part of an international hospitality company, a more diverse team is a better performing team. Heather is an inspiration to other women as they find their own paths to success.”

 CONTACT:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

www.CastellProject.org