UMass-Lowell pays $15M for hotel to house students
By Associated Press | Tuesday, June 9, 2009 | http://www.bostonherald.com | Real Estate
LOWELL — The University of Massachusetts-Lowell has taken a step toward alleviating its housing shortage by signing an agreement to pay $15 million for a hotel in the city.
Chancellor Marty Meehan says the deal for the 252-room DoubleTree Hotel will be finalized on July 31, when all corporate signs will be removed and UMass Lowell Inn & Conference Center signs will be erected.
Meehan tells The Sun of Lowell that 175 of the rooms will be converted into student housing in time for the fall, while 30 to 50 rooms will remain available to the public.
The university housed about 400 students in a Nashua, N.H. hotel during the last academic year.
Meehan called the purchase a "good deal," because the hotel was recently assessed for $42 million.
Article URL: http://www.bostonherald.com/business/real_estate/view.bg?articleid=1177802
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