Colliers Tapped to Raise $50M for Suburban Boston Hotel Development
Danielle Balbi March 11, 2016, 4 p.m.
Colliers International was exclusively retained to raise $50 million in debt and equity to fund a Hilton-branded hotel in the Woburn suburb of Boston, Mass., sources have informed Commercial Observer.
Massachusetts-based Madison Properties is working with a Colliers team led by Thomas Welch of the brokerage’s Boston office and Richard Lillis of the firm’s Fort Lauderdale, Fla., office to raise the construction financing for the 235-key hotel at 369 Washington Street, at the intersection of I-93 and I-95.
Madison Properties, which has primarily developed retail properties in the Greater Boston area, is developing a dual-branded Hilton hotel, with a 110-room Hilton Homewood Suites and 125-unit Hampton Inn.
“Madison has done a masterful job transforming the site into a shovel-ready project with leading brands and cutting-edge, synergystic dual-brand plans tailor made to fill a gap in this highly visible location and red-hot submarket,” Mr. Welch said in prepared remarks. “While we will pursue joint venture development equity, we recognize that certain sources may prefer to step in to develop the asset themselves or simply contract to purchase the project at completion.”
Mr. Welch told CO that construction should begin by the summer of 2016, and the doors of the hotel are slated to open in January 2018.