Ares, CV Properties Secure $140M Financing for Boston Hotels
The 330-room Aloft Hotel and the 180-room Element Hotel in Boston’s Seaport District have received $140 million in financing. HFF worked on behalf of the borrower, a venture between a fund managed by an affiliate of New York-based Ares Management and Boston-based CV Properties LLC, to secure the loan through Starwood Property Trust.
The Aloft Hotel is a 13-story hotel with 330 guestrooms and such amenities as a fitness center, pool, outdoor entertainment area and Aloft’s signature w xyz bar. The six-story Element Hotel was designed for longer-stay travelers, and features 180 guestrooms with fully-equipped kitchens, flexible work space and spa-inspired bathrooms.
HFF’s debt placement team representing the borrower included Anthony Cutone and Matthew Enright. HFF previously arranged construction financing for the properties, located adjacent to the Boston Convention and Exhibition Center (BCEC) in 2014. The hotels opened for business in early 2016.
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