RobertDouglas Advises Meyer Jabara Hotels On The $35 Million Financing Of The Providence Marriott Downtown In Providence, Rhode Island
RobertDouglas announced today that it advised Meyer Jabara Hotels in the $35 million financing of the Providence Marriott Downtown. The five-year, floating rate financing was provided by ACORE Capital.
Providence is renown as a vibrant, business‐friendly city with world‐class universities, award‐winning restaurants and an abundance of art and entertainment venues that support a dynamic year‐round base of hotel demand. The hotel, which is managed by Meyer Jabara Hotels and features 351 oversized guestrooms, state‐of‐the‐art meeting facilities and resort-like amenities, is planning a renovation of its guestrooms and corridors that will further strengthen the hotel’s market position.
David Smith, an Associate at RobertDouglas, noted, lenders responded enthusiastically to Meyer Jabara's sponsorship, the strength of the Providence market and the healthy in‐place cash flow of the Providence Marriott.
ACORE Capital was thoughtful in their approach to the financing, helping to meet ownership's goals for renovating the property while delivering attractive pricing and being responsive throughout the process, remarked Doug Hercher, Managing Director and Principal at RobertDouglas.
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry's pre‐eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and ender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact info@robert‐douglas.com or go to www.robert-douglas.com.