financeHotel Business··1 min·For: Owner, Investor, GM
Sofitel Philadelphia Secures $57M Refinance via JLL
JLL arranged a $57 million refinancing loan from Simmons Bank for the 306-key Sofitel Philadelphia at Rittenhouse Square on behalf of a joint venture including Clearview Hotel Capital. The luxury property has received $26 million in total capital improvements since 2011, including major upgrades to guestrooms, meeting spaces, and dining outlets.
Key Takeaways
- 1Simmons Bank provided the $57 million loan for the Accor-managed, 306-key luxury hotel.
- 2Current ownership has invested $6 million since August 2022, completing lobby, bar, and meeting space renovations.
- 3The hotel remains the sole Accor-branded property operating in the Philadelphia market.
Source: Hotel Business
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