Barings has provided a $115 million loan to refinance the Renaissance Boston Seaport Hotel in Boston. A joint venture between affiliates of Rockpoint, Highgate and hotelAVE (its asset manager) has owned the hotel since 2015.
“We are pleased to provide this financing for Rockpoint, Highgate and hotelAVE,” said Jonathan Neff, managing director, Barings. “Fundamentals in the Boston hotel market continue to improve with limited new supply entering the market in the near term. The Renaissance is well positioned to benefit from its strategic location, surrounded by diverse demand drivers, including a concentration of Boston’s top employers, the Boston Convention and Exhibition Center and numerous destination retail and entertainment outlets.”
The Renaissance Boston Seaport Hotel is located in the Seaport District overlooking Boston Harbor. The hotel was built in 2008 and will complete a comprehensive renovation in 2025. The 471-room property features nearly 21,000 sq. ft. of flexible meeting space, a 10,700-sq.-ft. ballroom, club lounge with harbor views, recently renovated fitness center, indoor swimming pool, and several food and beverage outlets.
Eastdil Secured advised the sponsorship on the financing from Barings.
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