Starwood Provides $140M Refinancing for Two Boston Hotels Totaling 510 Rooms
BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District.
Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing.
The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC).
Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort.
“The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone.
HFF’s stock price closed at $43.13 per share on Friday, Oct. 20, up from $27.36 per share one year ago. Starwood’s stock price closed at $21.94 per share, down from $22.37 per share at that time last year.
— Taylor Williams