BOSTON – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged $16.8 million in financing for the 230-key Crowne Plaza hotel in Nashua, New Hampshire.
HFF worked on behalf of the borrower, Linchris Hotel Corporation, to secure a ten-year, fixed-rate acquisition loan through East Boston Savings Bank. The borrower will reflag the hotel as a DoubleTree following a property improvement plan.
The hotel is located at 2 Somerset Parkway just north of downtown Nashua and about one mile from Route 3 (Everett Turnpike), which provides access to Manchester to the north and Interstates 495 and 95 to the south.
Situated amongst a dynamic corporate environment, the hotel’s demand drivers also include the Anheuser Busch Brewery, Holman Stadium, Verizon Wireless Arena and the New Hampshire International Speedway. Renovated in 2013, the property features an indoor pool, whirlpool, sauna, spa, fitness center, business center, meeting and banquet rooms, complimentary shuttle, club lounge and Speaker’s Corner & Pub.
The HFF debt placement team representing the borrower was led by managing director Greg LaBine and director Martha Nay.
“This was the result of a successful history of these two firms working together in a similar fashion,” LaBine said. “Linchris’ trust in East Boston’s ability to smoothly execute a complicated and time sensitive transaction combined with East Boston’s confidence in Linchris’ ability to handle a large repositioning resulted in a highly successful transaction.”