{"id":1004193510,"date":"2017-10-11T02:25:27","date_gmt":"2017-10-11T10:25:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193510"},"modified":"2022-12-08T20:42:39","modified_gmt":"2022-12-09T04:42:39","slug":"hff-arranges-refi-of-boston-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-arranges-refi-of-boston-hotel-portfolio\/","title":{"rendered":"HFF Arranges Refi of Boston Hotel Portfolio"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Holiday<\/a>

Holiday Inn Boston Bunker Hill Area, Somerville, Mass.<\/p><\/div>\n

With the assistance of HFF, Distinctive Hospitality Group just refinanced three Boston-area hotels totaling 623 keys. The commercial real estate and capital markets services firm arranged a loan with Bank of America, providing Distinctive with the proceeds to refinance existing debt on the three hotels and to reinvest in the assets.<\/p>\n

\u201cThis 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,\u201d<\/em> Mark Remington, managing director with HFF, said in a prepared statement.<\/p>\n

A freshened-up portfolio<\/strong><\/h2>\n

The collection of hotels includes two assets in Natick, Mass.: the 251-key VERVE-Crowne Plaza Boston-Natick, built in 1985 and upgraded in 2012; and Hampton Inn Boston-Natick, a 188-key property that first opened its doors in 1976 and underwent its most recent renovation in 2008. Completing the group is the 184-key Holiday Inn Boston Bunker Hill Area in Somerville, Mass., which was built in 1974 and renovated between 2012 and 2013.<\/p>\n

All parties are remaining mum on the amount of the portfolio refinancing, which came in the form of a 10-year, fixed-rate loan secured through Bank of America\u2019s CMBS Group. The CMBS market<\/a> has been kind to the hospitality sector this year. \u201cCMBS lending was a positive force in the hotel investment environment [in the first half of 2017],\u201d<\/em> according to a lodging report by commercial real estate services firm Cushman & Wakefield. \u201cCMBS financing has been used to refinance a number of large and small hotel assets, as well as several portfolios in the beginning of 2017.\u201d<\/em><\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The commercial real estate services firm landed a 10-year CMBS loan for Distinctive Hospitality Group\u2019s refinancing of three properties in the city\u2019s suburbs.<\/p>\n","protected":false},"author":969,"featured_media":1004193528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21808,21825,21751,21742,10],"tags":[33250,32799,37940,32792],"class_list":["post-1004193510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-featured","category-finance","category-hotel","category-latest","category-northeast","tag-bank-of-america","tag-cushman-wakefield","tag-distinctive-hospitality-group","tag-hff"],"acf":[],"yoast_head":"\nHFF Arranges Refi of Boston 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\/hff-arranges-refi-of-boston-hotel-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFF Arranges Refi of Boston Hotel Portfolio\" \/>\n<meta property=\"og:description\" content=\"The commercial real estate services firm landed a 10-year CMBS loan for Distinctive Hospitality Group\u2019s refinancing of three properties in the city\u2019s suburbs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hff-arranges-refi-of-boston-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=\"2017-10-11T10:25:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:42:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Holiday-Inn-Boston-Bunker-Hill-Area-Somerville-Mass..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\/hff-arranges-refi-of-boston-hotel-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hff-arranges-refi-of-boston-hotel-portfolio\/\",\"name\":\"HFF Arranges Refi of Boston Hotel Portfolio - 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