"Iconic Framingham hotel sells for $15M at auction"

Anyone traveling into Boston up i495 to i90 and east has likely seen on the return route, the castle like structure that is/was the Sheraton Tara Hotel.

"The famed Framingham Sheraton Hotel and Conference Center was sold for $15 million at auction Tuesday.

People’s United Bank, which owns the first mortgage on the property, was the winning bidder of the iconic 376-room hotel that is designed to look like a castle and is visible from Rte. 9 and the Mass Pike.

“It was a buy-back by the mortgager,” said Justin Manning, president of JJ Manning Auctioneers. “Nobody beat the lender.”

The facility could "possibly" remain a hotel or may be sold, said Manning."

Continue reading the article online (subscription may be required)

https://www.telegram.com/story/business/real-estate/2020/12/15/framingham-sheraton-sells-15-m-auction-could-possibly-remain-hotel/3909350001/

With this building being sold at half the assessed valuation, is it any wonder why the new hotel under construction off King St/Union St has halted their construction due to these economic conditions.

"Iconic Framingham hotel sells for $15M at auction"