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.