Square Mile Capital Management LLC (“Square Mile Capital”) today announced that it has originated a $56.3 million loan secured by Sofitel Philadelphia, a 306-key hotel located in Philadelphia, PA.
Square Mile Capital provided the acquisition financing to a joint venture between funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Clearview Hotel Capital. The financing was arranged by Mark Fisher and Ryan Ade of JLL.
Square Mile Capital Principal Harris Neuberg said, “The hospitality sector continues to
demonstrate strong fundamental performance rebounding from the impacts of COVID-19, and Sofitel Philadelphia is a perfect example. Clearview and Oaktree are not only highly experienced in the sector, but within the Philadelphia market, and we are excited about building on our existing relationships with both firms.”
Square Mile Capital continues to be active in financing hotels across the country and has been involved with transactions totaling over $650 million of hospitality lending so far in 2022.
The property is in the Rittenhouse Square submarket of Philadelphia, PA, at the intersection of Sansom and South 17th streets. It is adjacent to Philly’s central business district, convenient to high-end retail, restaurants and bars, and historic landmarks and museums. The Philadelphia International Airport is a 20-minute drive (7.7 miles) away.