MA Hilton Hotel Lands $53M Financing
Colliers secured financing for a 235-key dual-brand Hilton Hotel in Woburn, Mass. The project will be located in a well-exposed site in the northern suburbs of Boston.
By Beata Lorincz
Woburn Hilton
Colliers International’s Boston-based Capital Markets group has arranged the joint venture equity financing for the construction of a 235-key, dual-branded Hilton Hotel. The property is situated at the busy intersection of I-95 and I-93, providing easy access and assuring high visibility.
The building will be located at 369 Washington St., in Woburn, Mass., amid a retail- and entertainment-dominated area. Madison Properties is the owner of the site and has received entitlements for the hotel and three retail pad sites since the initial acquisition. The company has leased one pad site to the now open gourmet burger chain, Red Robin, and another pad site to Chick-fil-A, scheduled for opening in 2018.
Strong partnership
Thomas Welch, Adam Coppola, John Poole and Tonia Jenkins made up the Colliers team, working alongside Richard Lillis, head of Colliers National Hotel Practice Group, who provided hospitality expertise to help in finding a joint venture partner for equity investment, development and management roles. The equity investor was Whitman Peterson LLC, while Concord Hospitality Enterprises Company hotel was the hotel developer and operator partner.
Hilton has recently broken ground on a 219-key dual-branded property in Charlotte, N.C., slated to open in December of 2018.
Rendering courtesy of Colliers International
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