JLL’s Hotels & Hospitality Group arranges $215 million refinancing for the 1,408-key Philadelphia Marriott Downtown on behalf of Oaktree and Clearview Hotel Capital, LLC

 

Caleigh O’Connell.

 

Kevin Davis

NEW YORK CITY, NY –  JLL’s Hotels & Hospitality group has arranged a new $215 million five-year fixed rate term loan to refinance the Philadelphia Marriott Downtown, a 1,408-key hotel in Philadelphia, Pennsylvania. The loan closed on October 25, 2023.

 

JLL represented a joint venture between funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Clearview Hotel Capital, LLC. Barclays, Wells Fargo and J.P. Morgan were the lenders.

The JLL team was led by Hotels & Hospitality Group Americas CEO Kevin Davis, Senior Managing Director Ryan Ade, Managing Director Mark Fisher, Senior Vice President Barnett Wu and Analyst Caleigh O’Connell.

 

Ryan Ade,

Located at 1201 Market Street, the Philadelphia Marriott Downtown is the largest hotel in downtown Philadelphia and is strategically located in the Center City neighbourhood, two blocks from City Hall.

 

The hotel consists of a 1,198-key main tower built in 1994 and the 210-key historic Headhouse Tower, which served as the passenger station and company headquarters for Reading Terminal Train station from 1893 to 1984.

The hotel offers over 93,000 square feet of meeting space spread across 72 event venues and it is the only hotel that is directly connected to the Pennsylvania Convention Center. 

 

Mark Fisher

The Philadelphia Marriott Downtown underwent a full-scale renovation between 2020 and 2023 and features generously sized guestrooms with luxury finishes, including 75 signature suites, along with modernized public spaces.

 

 The hotel amenities include a 24-hour fitness center, an indoor pool, a lobby lounge, restaurant and new pub with duckpin bowling and billiards.

  

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide.

The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

 

Barnett Wu

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

 

For more news, videos and research resources, please visit JLL’s newsroom.

 Contact:

Alli Stent (Semans)

PR, Hotels & Hospitality,

 Capital Markets

JLL
M +1 330 329 6750