HARTFORD, Conn., April 13, 2016 /PRNewswire/ -- Cornerstone Real Estate Advisers ("Cornerstone"), one of the largest global real estate investment managers, today announced that, acting on behalf of an institutional investor, it has originated a $335 million loan for an affiliate of Blackstone to finance the acquisition of four Club Quarters Hotels in Boston, Chicago, Philadelphia and San Francisco.
"These hotels are in impeccable cities, which are ranked among the largest and strongest lodging markets in the U.S.," said Jamie Henderson, Chief Investment Officer - Alternative Investments at Cornerstone. "We are pleased to provide Blackstone with this important strategic financing and to further expand our relationship."
Each of the properties benefits from exceptional city-center locations near numerous business and leisure demand drivers. The Blackstone acquisition comprises a portfolio of 1,228-keys and includes the 346-room Club Quarters San Francisco; the 178-room Club Quarters Boston; the 429-room Club Quarters Chicago Central Loop; and the 275-room Club Quarters Philadelphia. The properties have benefited from over $16 million of capital investment since 2009, including almost $8 million of capital investment in 2013 and 2014.
Club Quarters is a membership hotel business model whereby members commit to a number of room nights per calendar year. Contracts are renewed on an annual basis for the following calendar year and membership is tied to each specific hotel.
About Cornerstone Real Estate Advisers
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
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SOURCE Cornerstone Real Estate Advisers LLC