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News release

Philadelphia

Luxury Hotel in Growing Philadelphia Market Proves Major Draw for Lenders 

JLL secures refinancing for Loews Philadelphia Hotel


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PHILADELPHIA, Feb. 16, 2015 – On behalf of Loews Hotels & Resorts, JLL’s Hotels & Hospitality experts today announced the firm has secured refinancing for the Loews Philadelphia Hotel, a newly-renovated asset located in the heart of Philadelphia’s central business district (CBD). A life company provided the fixed-rate loan.

Executive Vice President Bill Grice and Senior Vice President Matt Nowaczyk led the JLL team on the transaction.

“The lending community aggressively pursued the opportunity to back an upscale luxury hotel that benefits from best-in-class sponsorship,” said Grice. “The strength of the Philadelphia market continues to grow, priming the hotel to deliver strong returns.” 

The 36-story, 581-key hotel features 47,000 square-feet of flexible meeting space, a 15,000 square-foot fitness center and spa, along with the renowned restaurant and lounge, Bank & Bourbon. The iconic asset, an adaptive re-use of the landmarked Philadelphia Savings Fund Society (PSFS) building, is located near Philadelphia’s top cultural attractions, transportation hubs and directly across the street from the Pennsylvania Convention Center. 

JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 320 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling more than US $48 billion, while also completing approximately 4,500 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.

For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.

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About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.