BOSTON-Highland Hospitality Corp. has secured a $69-million fixed rate mortgage on its recently purchased 385-room Hilton Hotel in the Back Bay. It will be used to fund the REIT's additional investments.
"This long-term, fixed financing has provided us with capital at attractive pricing to move forward with additional investments that we have targeted in our pipeline," Douglas W. Vicari, Highland's executive vice president and chief financial officer says in a statement. The seven-year 5.96% loan, which was provided by Connecticut General Life Insurance Co. Vicari could not be reached for comment by deadline.
The McLean, VA-based REIT acquired the hotel, located at the 40 Dalton in the shadow of the Prudential Building, for $110 million from Hilton Corp. in October. The property was recently renovated by Hilton, which will continue to manage the hotel under a long-term agreement. Last year, Highland acquired the Tremont Boston Hotel, a 322-room property located in the city's theater district and re-branded it with the Marriott Courtyard flag.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.