WASHINGTON, D.C. ––
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.
 |
| Mark Remington |
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.
 |
| Evan Parker |
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.
For more information on this press release, please
contact:
KRISTEN MURPHY
HFF Director, Public
Relations
(617) 338-0990
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