JLL’s Hotels & Hospitality group arranged a new $215 million, five-year, fixed-rate term loan to refinance the Philadelphia Marriott Downtown, a 1,408-key hotel in Philadelphia. JLL represented a joint venture between funds managed by Oaktree Capital Management, L.P. and Clearview Hotel Capital, LLC. Barclays, Wells Fargo and J.P. Morgan were the lenders.
Tthe Philadelphia Marriott Downtown is the largest hotel in downtown Philadelphia and is located in the Center City neighborhood, two blocks from City Hall. The hotel consists of a 1,198-key main tower built in 1994 and the 210-key historic Headhouse Tower, which served as the passenger station and company headquarters for Reading Terminal Train station from 1893 to 1984. The hotel has over 93,000 square feet of meeting space spread across 72 event venues and it is the only hotel that is directly connected to the Pennsylvania Convention Center.
The Philadelphia Marriott Downtown underwent a full-scale renovation between 2020 and 2023 and features generously sized guestrooms with luxury finishes, including 75 signature suites, along with modernized public spaces. The hotel amenities include a 24-hour fitness center, an indoor pool, a lobby lounge, restaurant and new pub with duckpin bowling and billiards.
The JLL team was led by Hotels & Hospitality Group Americas CEO Kevin Davis, Senior Managing Director Ryan Ade, Managing Director Mark Fisher, Senior Vice President Barnett Wu and Analyst Caleigh O’Connell.