MEDFORD, MA-The buyer of a local hotel has received a $10.6-million financing package that will allow the investor to acquire a 158-suite AmeriSuites hotel just miles from Downtown Boston.
RLJ Medford Hotel, LLC also received a commitment from lender Capmark Finance Inc. for an additional $4 million to renovate the 116 Riverside Ave. property and convert it to a Hyatt Place hotel. The renovation work will include a new front desk area with self check-in and check-out kiosks and the creation of a coffee and wine café with a full-service dining area, according to Chris Clark, vice president of the McLean, VA, office of Capmark Finance.
The six-story hotel was acquired in 2005 for $35 million by Jackson National Life Insurance Co., according to records on file with the Middlesex County Registry of Deeds. It is unclear what RLJ Medford Hotel will pay for the acquisition. Neither the buyer nor Capmark Finance returned calls from GlobeSt.com in time for deadline.
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