Framingham Sheraton Bought By People's United Bank

Framingham MA

17 December, 2020

7:22 AM

Description

FRAMINGHAM, MA — The iconic Tudor-style Framingham Sheraton hotel sold at auction this week to a bank that holds the mortgage on the property. The hotel went up for sale on Tuesday, and People's United Bank, based in Bridgeport, Conn., purchased it for $15 million. The hotel was built in the early 1970s, and was most recently purchased in 2011 for $27.2 million, according to property records. The hotel carries an assessed value of $33.1 million. A major renovation of the hotel was completed in 2014. The hotel also contains a conference center and the Postern Grille restaurant. People's United acquired the mortgage on the hotel in 2018, when the company purchased the Farmington Bank corporation. The Framingham Sheraton is one of a handful of castle-like hotels that used to carry the Sheraton Tara brand. There are also examples located in Braintree, Nashua, NH, and northern New Jersey.