Sheraton Boston Needham Hotel Re-Opens Under New Management
StepStone Hospitality appointed Property Manager
Hotel Acquired by Affiliate of Paceline Equity Partners
DALLAS, June 15, 2021 /PRNewswire/ -- Sheraton Boston Needham Hotel, a 247-room full-service hotel located in Needham, Massachusetts on the I-95 Corridor today announced that Providence-based StepStone Hospitality was appointed as property manager. The appointment of StepStone Hospitality, a best in class hotel management company, follows the acquisition of the Sheraton by an affiliate of Paceline Equity Partners, LLC ("Paceline"), a Dallas-based private equity manager.
The hotel reopened in May and is poised to re-emerge as a sought-after destination for corporate, social, education, and sporting groups, as well as business and leisure travelers. Function facilities at the hotel comprise 18,751 square feet of flexible meeting space, including two ballrooms that can accommodate events for up to 600 people and are equipped for hybrid meetings. For travelers' safety and peace of mind, the hotel follows Marriott's rigorous Commitment to Clean protocol.
Later this year, the hotel is scheduled to undergo significant renovations to all guest rooms, lobby, restaurant, and meeting space. Planned guest room renovations include updated furniture, bedding and carpeting. Bathrooms in the rooms will also receive updated fixtures, and shower conversions in all King rooms. Other upgrades include a renovation and reconcepting of the common areas and Food & Beverage offerings, which will be in-line with the updated Sheraton brand image. The renovation is expected to be completed in spring of 2022, with construction to be executed in a minimally disruptive manner during the winter of 2021.
"We are excited to continue to expand our portfolio with the addition of the Sheraton Boston Needham Hotel," said Tom Russo, Founder and Executive Chairman of StepStone Hospitality. "We look forward to working with ownership and the Sheraton brand to achieve the successes we have previously achieved in New England and the Boston area."
"The Paceline team is excited to work with StepStone to support the Sheraton Needham during this market recovery period, and we are encouraged by recent favorable trends in the Boston hospitality market," said Sam Loughlin, Chief Executive Officer of Paceline. "The planned renovations will cement the Sheraton Needham's position as both a destination hotel for travelers visiting the Boston suburbs and a local event venue of choice," said Leigh Sansone, Chief Investment Officer of Paceline.
ABOUT THE SHERATON BOSTON NEEDHAM HOTEL
Sheraton Boston Needham Hotel, located 17 miles from Boston and less than five minutes from I-95 and the Needham Heights MBTA station is the perfect vantage point from which locals and visitors alike can explore and enjoy all the area has to offer. The hotel is adjacent to the N-Squared Innovation District, which boasts 6.4 million square feet of office space, including the offices of TripAdvisor, NBC Universal, IDG, and SharkNinja. The hotel is offering a re-opening promotion which includes a discount off best available rates and complimentary parking.
ABOUT PACELINE EQUITY PARTNERS
Paceline is a Dallas-based private equity manager focused on value-oriented, opportunistic, and special situations investments across corporate credit, real assets, and private equity. Paceline's senior leadership team members average 20 years of professional experience. Prior to the formation of Paceline, the senior leadership team worked together for approximately 10 years at a global private equity manager and its affiliates. To learn more, please visit pacelineequity.com.
ABOUT STEPSTONE HOSPITALITY
Rhode Island-based StepStone Hospitality specializes in management of boutique, full, and select-service hotels and restaurants, to maximize value to StepStone clients. The company provides a unique combination of strong, hands-on operations, strategic management, and food and beverage expertise, while maintaining a balanced focus between revenue enhancement, margin expansion, and guest satisfaction. To learn more, please visit stepstonehospitality.com.