{"id":1004146779,"date":"2016-06-27T08:54:56","date_gmt":"2016-06-27T16:54:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004146779"},"modified":"2021-05-15T06:49:49","modified_gmt":"2021-05-15T14:49:49","slug":"150m-refi-for-prime-boston-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/150m-refi-for-prime-boston-hotel\/","title":{"rendered":"$150M Refi for Prime Boston Hotel"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"Hyatt<\/a>

Hyatt Regency Boston<\/p><\/div>\n

Boston<\/strong>\u2014Annapolis, Md.-based Chesapeake Lodging Trust<\/a> recently closed on a $150 million fixed-rate mortgage for the 502-key Hyatt Regency Boston<\/a>. Provided by MetLife, the 10-year loan carries a yearly fixed interest rate of 4.25 percent, with principal and interest payments based on a 30-year amortization.<\/p>\n

\u201cThe appreciation in and shareholder value created by the Hyatt Regency Boston, Chesapeake\u2019s first acquisition and a key asset in our portfolio, allowed us to generate significantly greater proceeds than our previous $95 million mortgage loan, which was prepaid earlier this year,\u201d Douglas Vicari, Chesapeake\u2019s EVP & CFO, said in prepared remarks.<\/p>\n

The Maryland REIT snapped up the downtown asset in 2010<\/a> from Hyatt Hotels Corp., for a price tag of $112 million. The transaction closed shortly after Hyatt had acquired the property from Host Hotels & Resorts, in February 2009, for approximately $113 million.<\/p>\n

The Hyatt Regency Boston is located at 1 Ave. de Lafayette, right in the heart of downtown. Less than five miles away from Logan Airport, the property is situated within walking distance from Downtown Crossing and Park Street Stations for the Orange, Red and Green lines. Within a 15-minute walk from Boston Common, Post Office Square, South Station, Faneuil Hall, all Financial District locations and the Harbor Walk, the hotel is also close to a plethora of retail and dining options.<\/p>\n

The 502-key property, which is connected to downtown Boston\u2019s Macy\u2019s, offers 19 suites, 30,000 square feet of flexible function space and a 1,000-spot parking garage. Amenities also include a 24-hour business center, 21 function rooms, 24-hour gym, massage therapy and spa services, 52-foot indoor swimming pool, sun terrace, contemporary restaurant and lounge bar.<\/p>\n

Images courtesy of hyatt.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 10-year loan for Chesapeake Lodging Trust\u2019s 502-key downtown property was provided by MetLife. <\/p>\n","protected":false},"author":740,"featured_media":1004508162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21825,21751,21742,10],"tags":[],"class_list":["post-1004146779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-finance","category-hotel","category-latest","category-northeast"],"acf":[],"yoast_head":"\n$150M Refi for Prime Boston Hotel - 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\/150m-refi-for-prime-boston-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$150M Refi for Prime Boston Hotel\" \/>\n<meta property=\"og:description\" content=\"The 10-year loan for Chesapeake Lodging Trust\u2019s 502-key downtown property was provided by MetLife.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/150m-refi-for-prime-boston-hotel\/\" \/>\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=\"2016-06-27T16:54:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T14:49:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Hyatt-Regency-Boston.png\" \/>\n\t<meta property=\"og:image:width\" content=\"737\" \/>\n\t<meta property=\"og:image:height\" content=\"415\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\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\/150m-refi-for-prime-boston-hotel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/150m-refi-for-prime-boston-hotel\/\",\"name\":\"$150M Refi for Prime Boston Hotel - 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He joined CPE and MHN in 2016, as associate editor. Bogdan coordinates news writing and editing work for the two publications, among others. 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