January 18, 2006

Buyers for Hub Hotel Zero in: First Bids Show Wide Interest

Boston Herald

The owners of the swanky Nine Zero are hoping the Boston hotel is as popular with buyers as it is with guests. 
Intercontinental Real Estate Corp. is looking to sell the 19-story hotel just four years after building it on a tiny slice of prime property on Tremont Street. 
The first bids are in and owners are whittling down the list of potential buyers, said Intercontinental’s Paul Palandjian. 
“We had a much higher level of interest than we expected,” he said. 
An undisclosed number of offers have come from around the globe, Palandjian said. A deal is likely to close in the first half of the year.
The 189-room luxury, boutique hotel opened in 2002. 
“It doesn’t surprise me that there’s a lot of interest because of the dramatic rebound in the visitor industry and in particular the hotel segment of it,” said Patrick Moscaritolo, head of the Greater Boston Convention and Visitors Bureau. 
The rebound has been driven by business and international travelers, to whom Nine Zero appeals, he said. 
“It’s a great location and it’s going to be even more so as the waterfront becomes more and more of a draw,” Moscaritolo said. 
Intercontinental is selling the property as it looks for other investments, Palandjian said. “The appetite for hotel investment has been soaring for the last 18 to 20 months and we, as an organization, felt it was prudent to consider the sale,” he said.