$185M in Financing Closes for Upscale Charlotte Hotel
- Apr 03, 2008
The Westin Charlotte in Charlotte, N.C., gets refinanced, courtesy of a $185 million loan. Jones Lang LaSalle’s Real Estate Investment Banking practice orchestrated the financing deal for Portman Holdings L.P., the owner of the 700-room hotel.Carrying the address of 601 S. College Street, the Westin Charlotte sits within the blossoming business and entertainment district. With 44,000 square feet of convention space and the city’s largest ballroom, the five-year-old hotel is one of Charlotte’s most prominent lodging facilities, serving as a great magnet for meetings and conventions.In its pursuit of financing for the hotel, JLL managed to skirt the credit crunch by facilitating a nine-month forward loan commitment at a rate that was locked in during March of last year. During that time, when the credit market was far more conducive to good financing deals, the investment banking group was able to attract a bevy of strong bids from various lenders.