An affiliate of Electra America Hospitality Group has purchased the Loews Boston Hotel in Back Bay for $117 million, according to a Suffolk County deed record, and plans a $20 million renovation and rebranding of the 225-room hotel.
The hotel at 154 Berkeley St., to be renamed Hotel AKA Back Bay, will be the first Boston property for the extended-stay company.
AKA and Electra America, a Florida-based real estate investment firm, partnered last year on a $725 million hospitality fund and have since acquired six hotels in markets including Miami, New York, Washington, D.C., and West Palm Beach, Fla.
Electra America Hospitality Group chief executive Russ Urban in a statement said the region’s academic institutions, cultural destinations, and biotech cluster made the Loews an attractive purchase.
“While Boston’s hotel recovery has trailed some markets, it’s poised for a strong rebound once business and group travel returns in earnest,” Urban said in a statement.
The investors plan renovations to the hotel’s public spaces, including adding a spa, theater, and private dining room along with a library in the lobby. The renovations will also include transforming Precinct Kitchen + Bar into a whiskey cellar and wine tasting room.
The property was formerly the Boston Police Department headquarters until 1990.