Financing Closes for Ritz Carltons on the Public Garden and Boston Common

BOSTON-Millenium Partners has acquired the financing to buy The Ritz Carlton on the Public Garden and The Ritz Carlton on the Boston Common here. The seller is MPE Hotel I LLC.

By Naomi Grossman | Updated on January 15, 2001

BOSTON-Millennium Partners closed on a $400 million loan to buy a portfolio of hotels, including The Ritz Carlton on the Public Garden and The Ritz Carlton on the Boston Common here. The Ritz Carlton on the Public Garden has 180 rooms while the Ritz Carlton on the Boston Common has 191 rooms.

In an unusual financing method, the facility covers 60% of the acquisition costs of the hotel portfolio with the balance being funded by equity capital. The hotels are owned by MPE Hotel I LLC, an investment group capitalized by subsidiaries of two overseas insurance companies. Millenium is in the process of developing nearly three billion dollars of mixed-use real estate here.

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