Hospitality

BOSTON — Northwood Investors has secured a $75 million acquisition loan for the Radisson Boston Hotel. Constructed in 1972, the 23-story hotel is located at 200 Stuart St. in Boston's Theatre District. The hotel features the 260-seat bistro Rustic Kitchen, a 120-seat café, 20,000 square feet of meeting space, the 490-seat Stuart Street Playhouse and an 8,000-square-foot auditorium. The loan carries a 4-year term with an adjustable-to-fixed interest rate. The lender was Wells Fargo Bank. Northwood plans to use part of the proceeds to convert the hotel into an independent property. Daniel Peek of HFF's Miami office and Riaz Cassum of the firm's Boston office arranged the loan.

WHIPPANY, N.J. — HEI Hotels & Resorts has completed Phase I of a $20 million renovation to the Hanover Marriott, a 353-room hotel located at 1401 Route 10 E in Whippany. The first phase of construction included upgrades to the hotel's common areas and systems. Auto-dimming systems that adjust interior lights based on the amount of natural light were installed. Water-efficient fixtures were installed, and mechanical and HVAC systems now have sensor controls. Phase II construction will upgrade the hotel's guest rooms with flat-screen televisions, new furniture and luxury bedding.

SALISBURY, MD. — Salisbury-based Marshall Hotels & Resorts has received assignments for three distressed hotel properties in the Northeast. The company has been named receiver for the Four Points by Sheraton Hotel & Suites Allentown Airport, a 145-room hotel located in Allentown, Pa., as well as the Holiday Inn Danbury, a 114-room hotel located in Danbury, Conn. It also has been named operator for the Holiday Inn Buffalo Amherst Hotel, a 199-room hotel located in Buffalo, N.Y., which is currently in receivership.