Barings Provides $115M Refi for Renaissance Boston Seaport Hotel
Rockpoint, Highgate and hotelAVE have owned the hotel since 2015 and are completing a major renovation of the asset
By Brian Pascus December 17, 2024 8:30 am
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A joint venture involving Rockpoint, Highgate and hotelAVE has secured $115 million to refinance the Renaissance Boston Seaport Hotel, a 471-room luxury asset that overlooks Boston Harbor, Commercial Observer has learned.
Barings provided the financing, while Eastdil Secured arranged the transaction.
Located at 606 Congress Street in Boston’s Seaport District, the Renaissance Boston Seaport Hotel sits near South Boston Maritime Park, the Institute of Contemporary Art, Boston’s Children’s Museum, and the Boston Convention and Exhibition Center.
In prepared remarks, Jonathan Neff, managing director at Barings, spoke of the hotel’s prime location near the South Boston Waterfront southeast of Downtown Boston, as well as how the fundamentals in the city’s hotel market “continue to improve” due to a lack of new supply.
“The Renaissance is well positioned to benefit from its strategic location, surrounded by diverse demand drivers, including a concentration of Boston’s top employers … and numerous destination retail and entertainment outlets,” added Neff in a statement.
The Renaissance Boston Seaport Hotel opened in 2008 and is scheduled to complete a major renovation next year. The 471-key hotel includes a 21,000-square-foot corporate meeting space, a 10,700-square-foot ballroom, a club lounge, a fitness center, and an indoor pool.
Rockpoint, Highgate and hotelAVE have jointly owned the hotel since 2015, with hotelAVE serving as the asset manager. All three firms declined to comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
