Marriott Springfield Downtown Hotel Secures $24M Refinancing

Marriott Springfield Downtown Hotel in Springfield, Massachusetts has secured $24 million in refinancing. The 266-room hotel located at 2 Boland Way received financing with a five-year term and an interest rate of 6.25%.
Robert Damigella, Vice President of Capital Markets at Marcus & Millichap Capital Corporation in Boston was responsible for securing the financing. “The hospitality sector within the metro area of Springfield is following similar trends to that seen in Boston and we have witnessed a dramatic increase in private investments,” said Damigella. “We worked closely with the lender to meet our client’s needs.”