 |
| Steven Klein |
NEW YORK, NY – HFF announced today that it has arranged a
$38.9 million acquisition financing for the Hanover Marriott, an
eight-story, 353-room full-service hotel in Whippany, New Jersey.
HFF worked on behalf of Clarion Partners to secure a
six-year, fixed-rate loan through a national life insurance company.
The Hanover Marriott is located at 1401 Mount Pleasant
Avenue (Route 10) near Interstate 287 in Whippany.
 |
| John Bourret |
The property underwent a comprehensive $15 million renovation in
2011, which included a complete redesign of its main restaurant and lobby, full
guestroom, bathroom and corridor renovations, pool and fitness center upgrades
and building system improvements.
The HFF team representing the borrower was led by managing
directors Steven Klein and John Bourret.
“The Hanover Marriott’s substantial renovation enhanced the
luxury accommodations for its strong corporate clientele base. Additionally,
the hotel’s position in the market as the only full-service Marriott within a
20-mile radius offered an ideal opportunity for the sponsor,” commented Klein.
 |
| Hanover Marriott, Whippany, NJ |
Clarion Partners has been a leading U.S. real estate
investment manager for more than 30 years. Headquartered in New York, the firm
has offices in major markets throughout the U.S., in S͠ão Paulo, Brazil and
London, England as well as a presence in Mexico.
With more than $27 billion in total assets under management,
Clarion Partners offers a broad range of real estate strategies across the
risk/return spectrum to its more than 200 domestic and international
institutional investors. More
information about the firm is available at www.clarionpartners.com.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
No comments:
Post a Comment