JLL’s Hotels & Hospitality Group has arranged a new $215-million, five-year, fixed-rate term loan to refinance the 1,408-key Philadelphia Marriott Downtown.
JLL represented a joint venture between funds managed by Oaktree Capital Management LP and Clearview Hotel Capital LLC. Barclays, Wells Fargo and J.P. Morgan were the lenders.
Located at 1201 Market St. in the Center City neighborhood, the Philadelphia Marriott Downtown is the largest hotel in downtown Philadelphia, according to the company, and is two blocks from City Hall. The property 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 1893-1984. The hotel offers more than 93,000 sq. ft. 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 75 signature suites, as well as 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, SVP Barnett Wu and Analyst Caleigh O’Connell.
