Colliers to Arrange Financing for 235-Key Hilton in Boston Area
- Mar 15, 2016
By Bogdan Odagescu, Associate Editor
Boston, Mass.—Colliers Intl. has been chosen by Madison Properties to arrange debt and equity financing for a dual-branded Hilton ready for development in Woburn, Mass. With site work nearly done, the project is planned to break ground mid-2016 and is slated for opening in January 2018. The Commercial Observer reports that Colliers’ targeted amount is $50 million.
The team will be led by Thomas Welch, senior vice president of capital markets with Colliers Intl. Boston, and Richard Lillis, executive vice president of hotels with Colliers Intl. Florida.
The dual-branded, 235-room Hilton will be located at 369 Washington St. in Woburn, at the intersection of I-93 and I-95. The hotel will comprise a 125-key Hampton Inn & Suites and a 110-key Homewood Suites, designed by Group One Partners.
According to Yardi Matrix, the 5-mile radius surrounding the property offers more than 10 million square feet of Boston office buildings, the majority clustered along the Route 128/I-95 corridor and reachable within minutes. The hotel will also be located within short walking distance from many retailers and restaurants along Washington Street, including Staples, Dollar Tree, Kohl’s, Subway, and Starbucks.
“Madison has done a masterful job transforming the site into a shovel ready project (…) While we will pursue joint venture development equity, we recognize that certain sources may prefer to step in to develop the asset themselves or simply contract to purchase the project at completion,” said Thomas Welch of Colliers Boston.
Rendering courtesy of Colliers Intl.