• JLL Arranges $215M Refinancing for Philadelphia Marriott Downtown Hotel   


JLL’s Hotels & Hospitality Group arranged the refinancing for the 1,408-key hotel

JLL;

JLL’s Hotels & Hospitality Group announced yesterday that it arranged a new $215 million, five-year, fixed-rate term loan to refinance the Philadelphia Marriott Downtown, a 1,408-key hotel in Philadelphia, Pennsylvania. The loan closed on October 25, 2023.

JLL represented a joint venture between funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Clearview Hotel Capital, LLC. Barclays, Wells Fargo and J.P. Morgan were the lenders.

Located at 1201 Market Street, the Philadelphia Marriott Downtown is the largest hotel in downtown Philadelphia and is strategically located in the Center City neighbourhood, two blocks from City Hall. The hotel consists of a 1,198-key main tower built in 1994 and the 210-key historic Headhouse Tower, which served as the passenger station and company headquarters for Reading Terminal Train station from 1893 to 1984. The hotel offers over 93,000 square feet of meeting space spread across 72 event venues and it is the only hotel that is directly connected to the Pennsylvania Convention Center. 

The Philadelphia Marriott Downtown underwent a full-scale renovation between 2020 and 2023 and features generously sized guestrooms with luxury finishes, including 75 signature suites, along with modernized public spaces. The hotel amenities include a 24-hour fitness center, an indoor pool, a lobby lounge, restaurant and new pub with duckpin bowling and billiards.

The JLL team was led by Hotels & Hospitality Group Americas CEO Kevin Davis, Senior Managing Director Ryan Ade, Managing Director Mark Fisher, Senior Vice President Barnett Wu and Analyst Caleigh O’Connell.