Some of the newest owners of Boston office buildings plan to keep them as offices. Some plan to convert them into apartments. Rhino Capital Advisors LLC has something different in mind for the unoccupied seven-story office building it just bought in Bulfinch Triangle: a hotel.
The Boston-based real estate investment firm purchased 110 Canal St. for $14.6 million in late December, a mere two years after the site fetched $24 million. Rhino managing principal Michael Olson hopes to convert the property, formerly the headquarters of architecture firm CBT, into an 81-room hotel, he said in an interview.
The plan is part of Rhino’s strategic entry into the hospitality space. The firm has traditionally focused on industrial, flex and multifamily real estate, but last year it hired Senam Kumahia from Dick Friedman’s Carpenter & Co. Inc. to lead its new hospitality effort. Kumahia worked on Carpenter’s One Dalton luxury hotel and condo project in Back Bay and the company’s opening of a Four Seasons in New Orleans, he said. He joined Rhino in June.
Source: Rhino Capital may convert Bulfinch Triangle office building into hotel – Boston Business Journal
