A joint venture between affiliates of Rockpoint, Highgate and hotelAVE have refinanced the Renaissance Boston Seaport hotel in Boston. Barings, a real estate investment manager, provided a $115 million loan to refinance the property. The joint venture has owned the hotel since 2015.
“We are pleased to provide this financing for Rockpoint, Highgate and hotelAVE,” Jonathan Neff, managing director with Barings, said in a statement. “Fundamentals in the Boston hotel market continue to improve with limited new supply entering the market in the near term. The Renaissance is well positioned to benefit from its strategic location, surrounded by diverse demand drivers, including a concentration of Boston’s top employers, the Boston Convention and Exhibition Center, and numerous destination retail and entertainment outlets.”
The Renaissance Boston Seaport hotel is located at 606 Congress Street in the Seaport District overlooking Boston Harbor. The hotel was built in 2008 and will complete a comprehensive renovation in 2025. The 471-room hotel has nearly 21,000 square feet of meeting space, a 10,700 square foot ballroom, club lounge with harbor views, recently renovated fitness center, indoor swimming pool and several food-and-beverage outlets.