HFF announces USD140m financing for Aloft & Element Hotels in Boston’s Seaport District
Holliday Fenoglio Fowler (HFF) has advised on the USD140 million financing of the 330-room Aloft Hotel and the 180-room Element Hotel adjacent to the Boston Convention and Exhibition Center (BCEC) in Boston’s Seaport District.
The HFF team worked on behalf of the borrower, a venture between a fund managed by an affiliate of Ares Management and CV Properties LLC, to secure the loan through Starwood Property Trust. HFF arranged construction financing for the properties in 2014.
The Aloft Hotel is a 13-storey hotel with 330 guestrooms. Hotel amenities include a grab and go gourmet eatery, fitness center, pool, outdoor entertainment area, Aloft’s signature w xyz bar, and 12,000 square feet of function space.
The Element Hotel was designed for longer-stay travelers and features 180 guestrooms with fully-equipped kitchens, flexible work space and spa-inspired bathrooms. The six-storey hotel has studio suites, one-bedroom suites, standard king rooms and eight conference suites. Hotel amenities include a pool and fitness centre, Restore: Gourmet Pantry, a bike sharing program and meeting space.
“The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” says Cutone.
The HFF debt placement team representing the borrower included managing director Anthony Cutone and director Matthew Enright.