On behalf of Chestlen Development, global commercial real estate advisory firm Newmark Knight Frank has arranged a $180 million floating-rate loan for the refinancing of the W & Element Hotel, located in Center City, Philadelphia, PA.
The Newmark Knight Frank team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of Debt & Structured Finance, along with Managing Directors Nick Scribani and Chris Kramer. The loan was provided by Barings.
The 51-story, 504,581 square foot dual-branded Hotel operated by Marriott, is slated to open in October 2019, and will feature over 25,000 square feet of meeting space, a luxury spa, fitness centers, banquet facilities, a rooftop pool and lounge, and prime retail space along Chestnut Street. Positioned at the top of the hotel on levels 32- 49, the W Hotel component of the Property will consist of 295 rooms positioned to attract high-end commercial, short-term, and leisure travelers. Directly under the W Hotel will be the 460 room Element, located on levels 9-31, a limited service, extended stay hotel that will cater to budget conscious tourism and group travelers.
“The combination of world-class hotel brands in a premier Center City location makes this a truly unique hotel development poised to capitalize on the multitude of demand drivers in the market,” said Stolly. “The dynamic, award-winning partnership between Chestlen Development and Vine Street Matthews have built multiple market-leading hotels across the country and the W/Element adds another exceptional hotel to their resume.”
Chestlen Development, led by Brook Lenfest and Jared Wallace, is a multifaceted real estate investment company that both renovates existing buildings and purchases land with an intent to add value. In addition to the W & Element Philadelphia Hotel, Chestlen Development is in process of developing a Starwood-branded hotel in the greater Baltimore area. The developer of the Project, Vine Street Matthews Development focuses on the development of mixed use properties involving upscale hotels and branded residences in high barrier, urban and technology-based markets.
