{"id":1004250470,"date":"2018-08-10T03:32:41","date_gmt":"2018-08-10T11:32:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004250470"},"modified":"2022-12-08T18:31:13","modified_gmt":"2022-12-09T02:31:13","slug":"jll-secures-330m-for-beantown-lodging-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/","title":{"rendered":"Boston Hotel Project Receives $300M Loan"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004250488\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004250488\" data-attachment-id=\"1004250488\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/omni-boston-hotel-at-the-seaport\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Omni Boston Hotel at the Seaport\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Omni Boston Hotel at the Seaport&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg?w=800\" class=\"wp-image-1004250488 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg\" alt=\"Omni Boston Hotel at the Seaport\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004250488\" class=\"wp-caption-text\">Omni Boston Hotel at the Seaport<\/p><\/div>\n<p>New Boston Hospitality and Omni Hotels &amp; Resorts have obtained financing for the development of the Omni Boston Hotel at the Seaport, a $550 million project that broke ground in May in Boston\u2019s booming Seaport District. Acting on behalf of the developers, JLL arranged a $330.7 million loan for the construction of the 1,055-key luxury property.<\/p>\n<p>The architectural team of Elkus Manfredi\/Stull &amp; Lee\/Moody Nolan designed Omni Boston, and a partnership of John Moriarty &amp; Associates and Janey Construction &amp; Management Consulting are aboard the project as contractors. Upon its anticipated completion in early 2021, Omni Boston will hold the title of the fourth largest hotel in the State of Massachusetts.<\/p>\n<p>JLL secured the financing for Omni Boston through a consortium headed by U.S. Bank, Santander and M&amp;T Bank. The hotel project, which will be linked to the 2 million-square-foot Boston Convention &amp; Exhibition Center by an underground passageway, received a warm welcome from the lending community.<\/p>\n<p><em>\u201cThe debt markets are undoubtedly strong for large hotel construction loans where you have a combination of strong, experienced sponsorship and great real estate in a top-tier lodging market,\u201d<\/em> Kevin Davis, a managing director with JLL, told <em>Commercial Property Executive<\/em>. <em>\u201cFor most lenders that reviewed this deal, there was a great appreciation for these factors, which drove significant interest in this deal.\u201d<\/em> Davis was joined on the transaction by colleagues Bob Webster, also a managing director with the firm, and Jon Schneider, an executive vice president.<\/p>\n<p>New Boston, an affiliate of The Davis Cos. and Omni are erecting the 21-story Omni Boston at 450 Summer St. on a two-acre parcel owned by Massachusetts Port Authority. In addition to premier guestrooms, the state-of-the-art lodging destination will feature 47,000 square feet of retail space, a 13,000-square-foot spa and fitness center and 111,700 square feet of convention space that will be home to a 25,000 square-foot grand ballroom, the largest in Beantown.<\/p>\n<h2>Hey, big lender<\/h2>\n<p>The lending community is keen on the hotel sector. Banks, CMBS and debt funds alike are actively originating loans and sentiment is overwhelmingly positive, according to a report by JLL. <em>\u201cBigger picture, I do believe that the improved economy and continued RevPAR growth nationwide has resulted in banks having a greater appetite for construction lending,\u201d<\/em> Davis added.<\/p>\n<p>Big-ticket financing deals speak volumes about the lending climate for hotels. The list of recent transactions exceeding a quarter-billion dollars includes Flag Luxury Group\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/new-ritz-carlton-to-call-manhattan-home\/\">$315 million financing package<\/a> for a new flagship Ritzy-Carlton hotel in Manhattan. And just last month, Thor Equities refinanced the Palmer House Hilton in Chicago to the tune of approximately $427 million.<\/p>\n<p><em>Image&nbsp;courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Boston Hospitality and Omni Hotels &amp; Resorts will use the financing, provided by a syndicate of banks, to construct a 1,055-key luxury property.<\/p>\n","protected":false},"author":969,"featured_media":1004250488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21808,21825,21751,21742,10],"tags":[38482,32796,41552,36170,35067],"class_list":["post-1004250470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-featured","category-finance","category-hotel","category-latest","category-northeast","tag-elkus-manfredi-architects","tag-jll","tag-john-moriarty-associates","tag-moody-nolan","tag-omni-hotels-resorts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boston Hotel Project Receives $300M Loan - 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\/jll-secures-330m-for-beantown-lodging-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston Hotel Project Receives $300M Loan\" \/>\n<meta property=\"og:description\" content=\"New Boston Hospitality and Omni Hotels &amp; Resorts will use the financing, provided by a syndicate of banks, to construct a 1,055-key luxury property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/\" \/>\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=\"2018-08-10T11:32:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:31:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.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\/jll-secures-330m-for-beantown-lodging-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/\",\"name\":\"Boston Hotel Project Receives $300M Loan - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg\",\"datePublished\":\"2018-08-10T11:32:41+00:00\",\"dateModified\":\"2022-12-09T02:31:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg\",\"width\":800,\"height\":620,\"caption\":\"Omni Boston Hotel at the Seaport\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Boston Hotel Project Receives $300M Loan\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Boston Hotel Project Receives $300M Loan - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/","og_locale":"en_US","og_type":"article","og_title":"Boston Hotel Project Receives $300M Loan","og_description":"New Boston Hospitality and Omni Hotels &amp; Resorts will use the financing, provided by a syndicate of banks, to construct a 1,055-key luxury property.","og_url":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-08-10T11:32:41+00:00","article_modified_time":"2022-12-09T02:31:13+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/","url":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/","name":"Boston Hotel Project Receives $300M Loan - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg","datePublished":"2018-08-10T11:32:41+00:00","dateModified":"2022-12-09T02:31:13+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg","width":800,"height":620,"caption":"Omni Boston Hotel at the Seaport"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/jll-secures-330m-for-beantown-lodging-project\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Boston Hotel Project Receives $300M Loan"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Omni-Boston-Hotel-at-the-Seaport.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004250470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004250470"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004250470\/revisions"}],"predecessor-version":[{"id":1004613920,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004250470\/revisions\/1004613920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004250488"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004250470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004250470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004250470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}