Peabody's Marriott Hotel sold for $11.5M

According to the Peabody/Lynnfield Weekly News, the Peabody Marriot Hotel was recently sold by the Analogic Corp. for $11.5 million to the newly formed Sigma Pi Alpha Corp. which is headed by Analogic Corp. founder, Bernard Gordon. In the agreement Sigma Pi Alpha purchased the land the hotel sits on for $2 million, the hotel buildings for $8 million and a personal property building used in hotel operations for $1.5 million.  Analogic Corp. also assigned the Marriot franchise agreement to Sigma Pi Alpha, so the hotel will remain a Marriot hotel.

The hotel which is located in Peabody’s most important industrial park has been a cornerstone of the area for years. The sale was official and recorded at the Salem Registry of Deeds on Oct. 29, 2010.

Read the entire Peabody/Lynnfield Weekly News article.