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New Canopy By Hilton Hotel Planned For Downtown Boston

Friday, November 22, 2019
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BOSTON–JLL announced today that it has arranged $75 million in construction financing for the development of Canopy by Hilton Boston Downtown, a 212-room boutique hotel to be built across from the Rose Kennedy Greenway in Downtown Boston.

JLL worked on behalf of the developer, a partnership between Olshan Properties, CV Properties and Harbinger Development, to place the construction loan with Citizens Bank.

Canopy by Hilton offers a local experience with a boutique hotel feel. The six-story Canopy by Hilton Boston Downtown will feature a fitness center, 1600 square feet of meeting space, three street-level restaurant/retail spaces totaling 12,711 square feet, one of which will have access to an outdoor terrace that faces Hanover Street; and a second-floor hotel operated café/bar.

The property will be built on a 1.2-acre site bounded by Hanover Street to the north, Blackstone Street to the west, North Street to the south and the John Fitzgerald Surface Road and Rose Kennedy Greenway to the east. The hotel’s central, downtown location provides guests with access to a diverse set of demand drivers, including Faneuil Hall, the Financial District, Back Bay and more. Additionally, Boston’s famed Freedom Trail abuts the site and connects the property to international tourist attractions.

The JLL Capital Markets debt placement team representing the developer was led by Managing Director Anthony Cutone and Director Matt Enright.

“JLL is pleased to have arranged the construction loan with Citizens Bank on behalf of this great sponsorship team,” Cutone said. “The Canopy will be a wonderful addition to the Rose Kennedy Greenway and the surrounding neighborhoods, and we are thankful to have been included on the development team for this outstanding new project.”

According to JLL’s Hospitality Construction Outlook for the second half of 2019, new hotel projects are focusing on specialization to fit their particular location and target market. This can include much smaller room sizes, lobbies with integrated bars and restaurants and more outdoor space, all of which impact cost to build and type of materials needed for a project.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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