Danvers hotel sold for $13.5 million for apartment conversion

Torrington Properties has acquired the Residence Inn Boston North Shore/Danvers for $13.5 million from an affiliate of PEG Companies Inc. The 96-room extended-stay hotel is located at 51 Newbury Street in Danvers, Massachusetts, near the intersection of Interstate 95, U.S. Route 1, and Route 128.

The buyer intends to initially continue operating the property as a hotel before executing an approved plan to convert the site into an 88-unit multifamily apartment community. The Danvers Zoning Board of Appeals has already granted approval for the conversion, providing a regulatory pathway to address the housing shortage in the Greater Boston area.

JLL arranged the sale and acquisition financing. According to JLL, the North Shore serves as a high-barrier suburban alternative to Boston with strong demand for both hospitality and residential units.