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Holliday Fenoglio Fowler (HFF) recently announced the refinancing of a three-property hotel portfolio totaling 623 rooms in Natick and Somerville.
HFF worked on behalf of the borrower, Distinctive Hospitality Group, to place the 10-year, fixed-rate loan with Bank of America’s CMBS Group. Additionally, they will service the securitized loan, proceeds of which will be used to refinance existing debt and reinvest in the property.
The portfolio comprises the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick and the 184-room Holiday Inn in Somerville.
The HFF debt placement team representing the borrower included Managing Director Mark Remington, Senior Director Alan Suzuki and Associate Evan Parker.
“This was a win-win for all parties; the lender gets to book a loan on three high-quality hotel assets in the suburbs of Boston, and our client gets a competitive rate and sufficient proceeds to implement its long-term business plans,” Remington said in a statement.
