Assignment Overview
RobertDouglas advised Meyer Jabara Hotels on the $35 million financing of the Providence Marriott Downtown in Providence, Rhode Island. The hotel's strong operating performance, the strength of the Providence market, and the strong Sponsorship team generated substantial interest from a wide variety of lenders in this financing opportunity. Ultimately, the five-year floating-rate financing was provided by ACORE Capital, who delievered attractive pricing and helped meet ownership's goals for renovating the asset.
The Providence Marriott Downtown, managed by Meyer Jabara Hotels, features 351 oversized guestrooms, nearly 11,000 square feet of state-of-the-art meeting facilities and resort-like amenities. Planning is currently underway for a renovation that will further strengthen the hotel’s competitiveness, and also extend the franchise agreement. The Marriott benefits greatly from its location in downtown Providence, a thriving lodging market supported by a vibrant, business-friendly community, world-class universities, a flourishing central business district, award-winning restaurants and an abundance of art and entertainment venues.
Deal Highlights
| Client (Borrower): Lender: Financing Proceeds: Key Count: | Meyer Jabara Hotels ACORE Capital $35 million 351 |
