Lowe Secures Financing Via Hilton Brands
Monday January 14th, 2013 - 11:56AM FHO
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NEW YORK—Cushman & Wakefield served as the exclusive advisor to an affiliate of Lowe Enterprises Investors, a national real estate investment manager, in arranging up to $33.3 million of non-recourse, floating rate financing secured by the Doubletree by Hilton Hotel Boston-Bedford Glen and the Embassy Suites Chicago-North Shore/Deerfield.
The facility includes future funding elements associated with a property improvement plan and an earn-out. Financing was provided by CapitalSource.
The Doubletree, a 281-key, leading full-service hotel, is located at 44 Middlesex Turnpike in the I-95 West Boston submarket. The Embassy Suites, a 237-key, all-suites property, is located at 1445 Lake Cook Road in Chicago’s North Shore area.
Lowe Enterprises Investors acquired the hotels on behalf of a separate account client during fourth-quarter 2011.
Destination Hotels & Resorts, a wholly owned subsidiary of Lowe Enterprises, assumed management of the hotels following the purchase.
Jared Kelso and Ernest Lee of Cushman & Wakefield’s U.S Hospitality Group represented the borrower in arranging the financing.
Tags: • Hospitality • Brokers • Ownership • Management Companies •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.