The 142-room development advances PEG Companies鈥� innovative Residence Inn replacement strategy that delivers well-appointed select service assets in strong markets.
PEABODY, MA 鈥� February 6, 2025&苍产蝉辫;鈥�&苍产蝉辫;, a leading vertically integrated owner, operator and developer of multifamily, hospitality and build-to-rent assets in the U.S. and Canada, and , a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations have successfully closed on financing and commenced construction on the Residence Inn by Marriott Peabody. As General Partners in PEG鈥檚 Residence Inn Replacement Strategy, PEG and are executing this initiative to modernize first-generation Residence Inns in high-demand markets. For this project, they鈥檝e joined forces with Simon which owns and operates the mall housing the new hotel.
鈥淭he Residence Inn by Marriott Peabody exemplifies PEG鈥檚 dedication to delivering exceptional hospitality experiences that generate lasting value for both our investors and the communities we serve,鈥� said PEG Development Manager Anthony Maxfield. 鈥淲e are proud to bring this development to life in collaboration with our trusted partners.鈥�
Located on 2.7 acres at the Northshore Mall, the premier shopping, dining and entertainment destination serving the coastal communities north of Boston, the new property will be walkable to these mixed-use amenities and offer 142 rooms designed in Residence Inn鈥檚 latest Gen 9 Residence Inn prototype. The Residence Inn by Marriott Peabody will offer plentiful parking in addition to a range of amenities, including a fitness center, an indoor pool, media salons, a conference room, and a hearth room.
鈥淲e鈥檙e excited to add the Residence Inn by Marriott at Northshore Mall to further enhance the center鈥檚 positioning as the region鈥檚 premier experiential place to shop, stay, and play while serving as a destination and a gathering place for the community,鈥� said Patrick Peterman, Senior Vice President of Mixed-Use Development at Simon.
Project team include McNair Interests, Simon, DesignCell Architecture, R.J. O鈥機onnell & Associates, and .
The Residence Inn is expected to open in Fall 2026.
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