FRAMINGHAM – The iconic Sheraton Hotel & Conference Center, which is 376-room hotel, conference center, and garage, is scheduled to be auctioned next month in a foreclosure auction.
JJ Manning Auctioneers out of Yarmouth Port will conduct the auction of the iconic castle-structure property off Route 9, near the Mass Pike exit in Framingham.
The auction is scheduled for December 15 at 11 a.m.
“You could not ask for a more ideal location,” said Justin Manning, the President & CEO of the auction company.
Framingham is located between Boston & Worcester in Massachusetts, and not far from Providence. The City of Framingham is home to a state university, as well as several headquarters including TJX Companies, Bose, Staples, Ameresco, WorkHuman, etc.
People’s United Bank owns the first mortgage on the property.
Built in the 1970s, the hotel was sold in 2011 for $27.2 million. It sits on an 8 acre site.
The owner of the property is listed as AP WCP LLC.
The City of Framingham has the property assessed at $33.1 million. The building is assessed at $28.4 million
The hotel recently went through renovations, said Manning. Renovations took place in 2018, and also in 2013-14.
It has an IACC function space, which means it is certified, added Manning.
The Conference Center hosts many of the major events in MetroWest, including the MetroWest Conference for Women, the Salute to Framingham, the Taste of MetroWest, and numerous state-wide conferences. The hotel’s large ballroom can hold about 650 people seated.
Manning said he anticipates that the property will be bought by another hospitality industry company.
The property has an outdoor pool, a garage, and a very large parking lot.
The property is located next to the city’s tech park, where Genzyme, and Bose are located.
The hotel & hospitality industry has been hit hard in 2020 due to the pandemic.
The auction will take place on site. Registration will be on site at 10 a.m. on December 15.
“A 5% certified deposit of which $250,000 by certified or bank check due at the auction and remainder of 10% due within 3 business days. 30 days to close,” stated the listing.
The property is 255,000 square feet.
Photos courtesy of the JJ Manning Auctioneers