Jones Lang LaSalle Hotels today announced the firm has secured $215.6 million of non-recourse senior mortgage proceeds facilitating the refinancing of a three-property portfolio of hotels owned by a partnership between Ashford Hospitality Trust and Prudential Real Estate Investors. The hotel portfolio includes the 390-room Hilton Boston Back Bay in Massachusetts, the 296-room Westin Princeton at Forrestal Village in New Jersey and the 673-room Renaissance Nashville in Tennessee. The Hilton Boston Back Bay was financed as a standalone asset with a $103 million loan, while the Westin Princeton and the Renaissance Nashville were financed jointly with a $112.6 million loan.
Jones Lang LaSalle Hotels’ Executive Vice President Mathew Comfort and Senior Vice President Bill Grice led the team on the transaction.
“The portfolio’s exceptional sponsorship, along with the strong in-place cash flow, was highly attractive to lenders. While the transaction had several structuring nuances, lenders underwrote creatively to produce multiple options for the ownership,” said Comfort. “The competitive process generated demand from a range of financial institutions and resulted in the optimal blend of proceeds and pricing.”
The properties include:
• The 390-room Hilton Boston Back Bay is located in the heart of the Back Bay office district, across from Hynes Convention Center, minutes from Fenway Park and Downtown Boston.
• The 296-room Westin Princeton is situated within the mixed-use Forrestal Village complex, near the Princeton University campus and Princeton Medical Center.
• The 673-room Renaissance Nashville is located in the heart of Nashville’s downtown business and entertainment district, two blocks from the 1.2 million-square-foot Music City Center which will open in mid-2013.
Jones Lang LaSalle Hotels’ investment banking team is a dedicated group of industry expert’s platform with an extensive track record of financing hotels nationwide. Over the past two years, the firm’s experts have closed more than $2.5 billion of hotel financings.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels is a global real estate services firm focused exclusively on hotels & hospitality. We provide acquisition and financing advice, valuations, investment sales and asset management for luxury hotels, select service and budget hotels, smaller hotels and pubs, from single assets to large portfolios and mixed-use developments.
In the last five years we completed nearly 4,000 advisory and valuation assignments and more sale, purchase and financing transactions than any other hotels real estate firm in the world…worth over $30 billion. With 42 offices in 20 countries, no other firm is better connected. Through our depth and breadth of research and experience we know the market at every level, we know the players and we know how to get results. www.joneslanglasallehotels.com