PHILADELPHIA, PA-On behalf of Loews Hotels & Resorts, JLL Hotels and Hospitality has secured refinancing for the Loews Philadelphia Hotel, a newly renovated asset located in the central business district. A life company provided the fixed-rate loan.
The 36-story, 581-key hotel features 47,000 sq. ft. of meeting space, a 15,000-sq.-ft. fitness center and spa, along with restaurant and lounge Bank & Bourbon. The asset, an adaptive reuse of the landmarked Philadelphia Savings Fund Society (PSFS) building, is located near Philadelphia's cultural attractions, transportation hubs and across the street from the Pennsylvania Convention Center,
EVP Bill Grice and SVP Matt Nowaczyk led the JLL team on the transaction.
"The lending community aggressively pursued the opportunity to back an upscale luxury hotel that benefits from best-in-class sponsorship," stated Grice. "The strength of the Philadelphia market continues to grow, priming the hotel to deliver strong returns."
