Aloft and Element Hotels Receive $140M Financing
- Oct 25, 2017
HFF arranged $140 million in financing for Aloft and Element Hotels in the Seaport District of Boston. The firm worked on behalf of the borrower, a venture of a fund managed by an affiliate of Ares Management and CV Properties LLC, to secure the loan through Starwood Property Trust. HFF has recently refinanced three Boston-area hotels totaling 623 keys.
Located at 401-403 D St., Aloft Hotel, a 13-story building with 330 guestrooms, is adjacent to the Boston Convention and Exhibition Center (BCEC). The hotel features amenities such as a grab-and-go gourmet eatery, fitness center, pool, outdoor entertainment area, Aloft’s signature w xyz bar and 12,000 square feet of function space.
Element Hotel, situated next to Aloft Hotel, at 391-395 D St., was designed for longer-stay travelers and features 180 guestrooms with fully equipped kitchens, flexible work space and spa-inspired bathrooms. The six-story asset comprises a mix of studio and one-bedroom suites, standard king rooms and eight conference suites. Amenities include a pool and fitness center, Restore: Gourmet Pantry, a bike-sharing program and meeting space.
“The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Anthony Cutone, managing director at HFF, in prepared remarks.
Image courtesy of HFF