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Success Story: Hilton Dual Brand Development

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Madison Properties
Woburn, MA


Madison Properties—a Boston-area investor and developer—engaged Colliers Capital Markets Boston to source financing for their 235-key hotel development in Woburn MA in the heart of the Route 128 hi-tech corridor, at the intersection of I-95 and I-93. The Hilton dual-brand Hampton Inn and Homewood Suites was planned on the former “superfund site”—once home to chemicals manufacturer WR Grace and brought to public consciousness through the book and film A Civil Action—was remediated over several decades, to eventually be approved for commercial development by the Environmental Protection Agency. Madison sought to either sell the fully entitled hotel parcel or identify a JV equity partner hotel developer. Deal challenges included: a late-cycle caution for new development among hotel investors; costly project; Boston-area hotel market uncharacteristically soft in 2016 when RevPAR growth stalled at -0.6%; and a rapid evaporation of liquidity in the debt market for hotel development.


Colliers Capital Markets SVP, Tom Welch, added Colliers National Director Hotels, Rich Lillis, to the team to assist with sourcing hotel investors. Together, they targeted a comprehensive list of regional and national hotel investors and developers for equity capital. Their message was clear: institutional quality development opportunity in a high-barrier-to-entry premium location, compelling Hilton brands, and highly respected prospective partner (Madison). Additionally, Colliers communicated that the development was “shovel ready,” with all entitlements and construction documents completed by leading hotel architect Group One.


Colliers procured equity investor Whitman Peterson in partnership with developer and operator Concord Hospitality to form a joint venture with Madison Properties to develop the $55M hotel. The deal closed and ground broke on the development in November 2017, with hotel opening planned for early 2019.

Colliers team:

Richard Lillis
Executive Managing Director |
Hotels USA
+1 561 353 3640


235-Key Hotel Development

Services Provided:

Investment Sales