WHIPPANY, NJ-HFF reports it arranged $38.9-million in acquisition financing for the purchase of the Hanover Marriott here.
New York City-based Clarion Partners LLC announced in January it acquired the eight-story, 353-room full service hotel for an unnamed institutional investor. No terms of the transaction were disclosed at the time of purchase.
HFF worked on behalf of Clarion Partners to secure a six-year, fixed-rate loan through a national life insurance company, the company reports.
The Hanover Marriott located at 1401 Mount Pleasant Ave. underwent a $15-million renovation in 2011, which included a complete redesign of its main restaurant and lobby, full guestroom, bathroom and corridor renovations, pool and fitness center upgrades and building system improvements.
The HFF team representing the borrower was led by managing directors Steven Klein and John Bourret.
“The Hanover Marriott's substantial renovation enhanced the luxury accommodations for its strong corporate clientele base. Additionally, the hotel's position in the market as the only full-service Marriott within a 20-mile radius offered an ideal opportunity for the sponsor,” Klein states.
© 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.