DALLAS—An affiliate of Paceline Equity Partners, LLC, a Dallas-based private equity manager, announced that it has acquired a commercial loan secured by a senior mortgage encumbering a Sheraton Hotel located in the Boston suburban area of Needham, Massachusetts from a regional bank. The acquisition closed in January 2021.
The Sheraton Needham hotel is a 247-room full-service hotel with a full suite of amenities. Just outside Boston, the hotel is well located on the I-95 Corridor, within the 41-acre Needham Crossing business district home to a diverse tenant base, including office, flex/industrial, multi-family, and retail.
“This commercial loan and the collateral strength of the Sheraton Needham are supported by the long-term fundamentals of the Needham submarket, which benefit from attractive local demographics and diverse demand drivers, including corporate, education, healthcare and leisure travelers,” said Sam Loughlin, Chief Executive Officer of Paceline. “While we have taken a conservative view of the recovery timeline for the Greater Boston area and the broader U.S. hospitality industry, this investment is supported by Paceline’s rigorous underwriting process and deep experience navigating prior hospitality cycles, and we will continue to identify attractive investment opportunities in the commercial real estate sector.”
“The Paceline management team’s prior history and experience in acquiring and originating performing and non-performing commercial mortgage loans, and investing within the hospitality industry, as both a lender and owner, position Paceline as an ideal lender for the current owners of the Sheraton Needham,” added Leigh Sansone, Chief Investment Officer of Paceline.
Paceline is a Dallas-based private equity manager focused on value-oriented, opportunistic, and special situations investments across corporate credit, real assets, and private equity. Paceline’s senior leadership team members average 20 years of professional experience. Prior to the formation of Paceline, the senior leadership team worked together for approximately 10 years at a global private equity manager and its affiliates.
