Oaktree Capital Management, Clearview Hotel Capital, And Host Hotels & Resorts Refinance Hotel Portfolio In Philadelphia For $215M
JP Morgan Chase, Barclays & Wells Fargo provides $215m loan for Philadelphia hotel portfolio
Summary
The owners of the 1,408-room Philadelphia Marriott Downtown, a hotel portfolio in Philadelphia, have secured $215 million in mortgage financing. The loan was provided by JPMorgan Chase, Barclays, and Wells Fargo, allowing the owners, a consortium of Oaktree Capital Management, Clearview Hotel Capital, and Host Hotels & Resorts, to pay off a previous loan of $237.27 million. The new loan is a five-year term with interest-only payments and a coupon of 8.705 percent. This financing assumes a property value of $391.3 million, making it the largest hotel in the Philadelphia area.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $215,000,000
- Address: Hotel Portfolio
- Market: Philadelphia
The consortium of Oaktree Capital Management, Clearview Hotel Capital, and Host Hotels & Resorts successfully refinanced their ownership of the 1,408-room Philadelphia Marriott Downtown. JPMorgan Chase, Barclays, and Wells Fargo played a key role as lenders in this transaction. The loan terms include a five-year term with interest-only payments and an 8.705 percent coupon. This deal not only allows the owners to pay off their previous loan but also provides an infusion of capital for future improvements and investments in the hotel.
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