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
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 firstname.lastname@example.org