Luxury Hotel in Philadelphia Market Lures Lenders

Loews Hotels & Resorts has secured refinancing for the Loews Philadelphia Hotel, a newly renovated asset located in the heart of Philadelphia’s central business district.

JLL secured refinancing for the luxury hotel brand through a fixed-rate loan from a life company. The amount was not disclosed.

“The Loews Philadelphia Hotel, an adaptive re-use of the landmarked Philadelphia Savings Fund Society building, appeals to guests on multiple fronts,” Bill Grice, JLL’s executive vice president, told Commercial Property Executive. “From the Hotel’s world-class luxury accommodations with stunning views of the Philadelphia skyline, to its upscale restaurant Bank & Bourbon, combined with its ideal location near Philadelphia’s top cultural attractions and transportation hubs, the hotel continues to receive high marks across the board from guests.”

The 36-story hotel features 581-keys, including 12 suites and 54 Concierge Club Rooms, plus 47,000 square-feet of flexible meeting space, a 15,000-square-foot fitness center and spa, and renowned restaurant and lounge, Bank & Bourbon.

According to Grice, the Philadelphia lodging market is witnessing significant momentum entering 2015, due to the city’s overall appeal, providing guests with a plethora of entertainment, restaurant and historic venue options.

“As the city continues to attract more corporate transient and group guests, combined with increasing leisure travelers, unique lodging destinations like the Loews Philadelphia Hotel stand to continue to outperform,” he added. “Given the current favorable debt- capital-markets environment, lenders continue to demonstrate a strong desire to lend upon top performing lodging assets that provide best-in-class sponsorship and management, making the Loews Philadelphia Hotel an ideal candidate to take advantage of today’s historically low rates.”

The hotel is located close by Philadelphia’s top cultural attractions, transportation hubs and is directly across the street from the Pennsylvania Convention Center.

Source: CPE Executive