Jones Lang LaSalle Hotels 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,” Comfort said in a statement. “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, located in the heart of the Back Bay office district, across from Hynes Convention Center and minutes from Fenway Park and downtown Boston; the 296-room Westin Princeton, situated within the mixed-use Forrestal Village complex near the Princeton University campus and Princeton Medical Center; and the 673-room Renaissance Nashville, located in the heart of Nashville’s downtown business and entertainment district, two blocks from the 1.2 million-sq.-ft. Music City Center, which will open in mid-2013.