NEW YORK CITY, Nov. 6, 2023 - JLL's Hotels & Hospitality group announced today that it arranged a new $215 million five-year fixed rate term loan to refinance the Philadelphia Marriott Downtown, a 1,408-key hotel in Philadelphia, Pennsylvania. The loan closed on October 25, 2023.
JLL represented a joint venture between funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Clearview Hotel Capital, LLC. Barclays, Wells Fargo and J.P. Morgan were the lenders.
Located at 1201 Market Street, the Philadelphia Marriott Downtown is the largest hotel in downtown Philadelphia and is strategically located in the Center City neighbourhood, two blocks from City Hall. The hotel consists of a 1,198-key main tower built in 1994 and the 210-key historic Headhouse Tower, which served as the passenger station and company headquarters for Reading Terminal Train station from 1893 to 1984. The hotel offers over 93,000 square feet of meeting space spread across 72 event venues and it is the only hotel that is directly connected to the Pennsylvania Convention Center.
The Philadelphia Marriott Downtown underwent a full-scale renovation between 2020 and 2023 and features generously sized guestrooms with luxury finishes, including 75 signature suites, along with modernized public spaces. The hotel amenities include a 24-hour fitness center, an indoor pool, a lobby lounge, restaurant and new pub with duckpin bowling and billiards.
The JLL team was led by Hotels & Hospitality Group Americas CEO Kevin Davis, Senior Managing Director Ryan Ade, Managing Director Mark Fisher, Senior Vice President Barnett Wu and Analyst Caleigh O'Connell.
JLL's Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group's 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 15:26:16 UTC.
