BOSTON – Colliers International has been engaged by Madison Properties, to arrange the debt and equity financing for the development of a dual-branded Hilton hotel at 369 Washington Street, Woburn, MA.
The team is led by Thomas Welch, SVP of Capital Markets with Colliers International Boston, and Richard Lillis, EVP of Hotels with Colliers International South Florida. With site work substantially completed, construction is scheduled to begin in the third quarter of 2016 with an estimated opening in January of 2018.
The institutional quality, dual-branded 235-room Hilton hotel will feature a 110-room Homewood Suites and a 125-room Hampton Inn & Suites, designed by Group One Partners.
According to Welch, “Madison has done a masterful job transforming the site into a shovel ready project with leading brands and cutting-edge, synergystic dual-brand plans tailor made to fill a gap in this highly visible location and red hot submarket. 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.”