{"id":1004057228,"date":"2013-01-07T07:29:32","date_gmt":"2013-01-07T15:29:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004057228"},"modified":"2020-04-24T08:20:21","modified_gmt":"2020-04-24T16:20:21","slug":"ashford-prudential-complete-216m-financing-on-three-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ashford-prudential-complete-216m-financing-on-three-hotel-portfolio\/","title":{"rendered":"Ashford, Prudential Complete $216M Financing on Three-Hotel Portfolio"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"\"<\/a>

Matthew Comfort<\/p><\/div>\n

Ashford Hospitality Trust, Inc., along with its joint venture partner, Prudential Real Estate Investors, has closed a\u00a0$215.6 million\u00a0refinancing loan secured by non-recourse senior mortgage proceeds for a three-property portfolio of hotels.<\/p>\n

Jones Lang LaSalle Hotels secured the loan for the 1,359-key portfolio, which 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.<\/p>\n

\u201cAshford and Prudential are both very high-quality sponsors, savvy hotel owners and well capitalized,\u201d Mathew Comfort, Jones Lang LaSalle Hotels\u2019 executive vice president, told Commercial Property Executive<\/em>. \u201cThese happen to be very high-quality assets and performing very well, well located within markets that are very appealing to lenders right now. So, what made it special was a combination of the sponsors and the assets.\u201d<\/p>\n

Hilton Boston Back Bay is located in the heart of the Back Bay office district, across from Hynes Convention Center, minutes from Fenway Park and Downtown Boston. The property was financed as a standalone asset with a $103 million loan.<\/p>\n

\u201cBoston is one of the hottest markets right now and very strong performing,\u201d Comfort said. \u201cThis is a good-sized asset in great proximity to the Convention Center. It\u2019s a high-quality asset in a great location within one of the strongest markets in the U.S.\u201d<\/p>\n

The Westin Princeton and the Renaissance Nashville were financed jointly with a $112.6 million loan.<\/p>\n

The Westin Princeton is situated within the mixed-use Forrestal Village complex, near the Princeton University campus and Princeton Medical Center.<\/p>\n

\u201cIt\u2019s in very good shape and is in a market that\u2019s very appealing to lenders because educational presence is seen as a consistent source of demand. Lenders tend to be focused on very urban areas and have built-in demand generators and Princeton is a phenomenal demand generator.\u201d<\/p>\n

The Renaissance Nashville is located in the heart of Nashville\u2019s downtown business and entertainment district, two blocks from the 1.2 million-square-foot Music City Center which will open in mid-2013.<\/p>\n

\u201cNashville is a very dynamic market right now; it\u2019s experienced tremendous RevPar growth over the last several years and there is a lot of additional tourism and business going there right now,\u201d Comfort said. \u201cThey are building a brand new convention center so it\u2019s emerging as a bottom first-tier, high second-tier convention market and this is ideally located right downtown.\u201d<\/p>\n

Jones Lang LaSalle Hotels has seen financing for prime hotel assets in core markets going strong over the past year.<\/p>\n

\u201cWhile the transaction had several structuring nuances, lenders underwrote creatively to produce multiple options for the ownership,\u201d Comfort said. \u201cThe competitive process generated demand from a range of financial institutions and resulted in the optimal blend of proceeds and pricing.\u201d<\/p>\n

Like us on facebook:<\/strong>\u00a0https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Ashford Hospitality, along with its joint venture partner, Prudential Real Estate Investors, has closed a $216 million refinancing loan secured by non-recourse senior mortgage proceeds for a three-property portfolio of hotels.<\/p>\n","protected":false},"author":451,"featured_media":1004057232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21751,11,36077,21742],"tags":[],"class_list":["post-1004057228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-hotel","category-midatlantic","category-nashville-knoxville","category-latest"],"acf":[],"yoast_head":"\nAshford, Prudential Complete $216M Financing on Three-Hotel Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ashford-prudential-complete-216m-financing-on-three-hotel-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ashford, Prudential Complete $216M Financing on Three-Hotel Portfolio\" \/>\n<meta property=\"og:description\" content=\"Ashford Hospitality, along with its joint venture partner, Prudential Real Estate Investors, has closed a $216 million refinancing loan secured by non-recourse senior mortgage proceeds for a three-property portfolio of hotels.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ashford-prudential-complete-216m-financing-on-three-hotel-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-07T15:29:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-24T16:20:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Comfort_Matthew-LARGE.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"513\" \/>\n\t<meta property=\"og:image:height\" content=\"515\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ashford-prudential-complete-216m-financing-on-three-hotel-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ashford-prudential-complete-216m-financing-on-three-hotel-portfolio\/\",\"name\":\"Ashford, Prudential Complete $216M Financing on Three-Hotel Portfolio - 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