Barclays, Wells Fargo, Chase Syndicate $215M Refi for Philly Hotel
Financing will help Oaktree Capital Management, Clearview Hotel Capital manage the Philadelphia Marriott Downtown hotel
By Brian Pascus November 7, 2023 2:31 pm
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Oaktree Capital Management and Clearview Hotel Capital have secured a $215 million refinancing for the Philadelphia Marriott Downtown, 1,408-key hotel in the heart of Center City, Philadelphia.
Barclays (BCS), Wells Fargo (WFC), and JPMorgan Chase (JPM) syndicated the financing, which has a five-year, fixed-rate term. A team led by JLL (JLL) Hotels & Hospitality CEO Kevin Davis arranged the financing on behalf of the sponsors.
Located at 1201 Market Street — in the heart of the City of Brotherly Love’s commercial downtown corridor and just steps from City Hall — the Philadelphia Marriott is the largest hotel in the city. Built on two levels — a main tower from 1994 features 1,198 rooms, and a historic tower built in 1893 showcases 210 keys — the hotel boasts 93,000 square feet of meeting space and is directly connected to the Pennsylvania Convention Center.
The Philadelphia Marriott underwent a substantial renovation between 2020 and 2023. Nearly 80 luxury suites were added to the grounds along with new public spaces and luxury finishes.
Clearview Hotel Capital is a hotel investment and asset management firm founded in 2007 by Jon Kline. Since then it has acquired more than $2 billion worth of hotels containing 17,000 rooms.
Brian Pascus can be reached at bpascus@commercialobserver.com
