Oaktree Capital, Clearview Hotel Capital JV secure $215m refinancing for Philadelphia Marriott Downtown

A joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital announced that it arranged a new $215 million five-year fixed-rate term loan to refinance the Philadelphia Marriott Downtown, a 1,408-key hotel in Philadelphia. The loan closed on October 25, 2023.

JLL represented the borrower. Barclays, Wells Fargo and J.P. Morgan were the lenders.

Located at 1201 Market St., the Philadelphia Marriott Downtown is the largest hotel in downtown Philadelphia and is strategically located in the Center City neighborhood, two blocks from City Hall. The hotel consists of a 1,198-key main tower built in 1994 and the 210-key historic Headhouse Tower, which served as the passenger station and company headquarters for Reading Terminal Train station from 1893 to 1984. The hotel offers more than 93,000 square feet of meeting space spread across 72 event venues and is the only hotel directly connected to the Pennsylvania Convention Center.

The Phi