WASHINGTON, DC––Holliday Fenoglio Fowler, L.P. (HFF) announces the refinancing of a three-property hotel portfolio totaling 623 rooms in the Boston-area communities of Natick and Somerville, Massachusetts.
The HFF team worked on behalf of the borrower, Distinctive Hospitality Group, to place the 10-year, fixed-rate loan with Bank of America’s CMBS Group. Additionally, HFF will service the securitized loan, proceeds of which will be used to refinance existing debt and reinvest in the property.
The portfolio comprises the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick and the 184-room Holiday Inn Boston Bunker Hill Area in Somerville. The Natick hotels are located near one another adjacent to the 1.66-million-square-foot Natick Mall and approximately 20 miles west of downtown Boston. Crowne Plaza Boston-Natick, located at 1360 Worcester Street, was completed in 1985 and most recently renovated in 2012. It features a fitness center, business center, 17,000 square feet of event space, the Pantry Restaurant and full-service restaurant The Violet Thorn. The Hampton Inn Boston-Natick is located one mile from the Crown Plaza Boston-Natick at 319 Speen Street. Completed in 1976 and renovated most recently in 2008, the hotel features a fitness center, business center, complimentary breakfast, 12,000 square feet of meeting space and the SKYBOKX 109 GastroSports restaurant open for lunch and dinner.
Located at 30 Washington Street in Somerville, the Holiday Inn Boston Bunker Hill Area is four miles from downtown Boston and two miles from the academic hub and pharmaceutical companies located in Cambridge. The BCEC & Hynes Convention Center, Fenway Park, Harvard Square, New England Aquarium and Boston State House are all within five miles of the hotel. Completed in 1974 and renovated between 2012 and 2013, Holiday Inn Boston Bunker Hill Area features a fitness center, basketball court, indoor pool, business center 9,700 square feet of meeting and event space and the DRAFT restaurant and lounge.
The HFF debt placement team representing the borrower included managing director Mark Remington, senior director Alan Suzuki and associate Evan Parker.
“This was a win-win for all parties; the lender gets to book a loan on three high-quality hotel assets in the suburbs of Boston, and our client gets a competitive rate and sufficient proceeds to implement its long-term business plans,” Remington said.