Financing Closes for Ritz Carltons on the Public Garden and Boston Common

BOSTON-Millenium Partners has acquired the financing to buy The Ritz Carlton on the Public Garden and The Ritz Carlton on the Boston Common here. The seller is MPE Hotel I LLC.

By Naomi Grossman | January 15, 2001 at 01:01 AM

In an unusual financing method, the facility covers 60% of the acquisition costs of the hotel portfolio with the balance being funded by equity capital. The hotels are owned by MPE Hotel I LLC, an investment group capitalized by subsidiaries of two overseas insurance companies. Millenium is in the process of developing nearly three billion dollars of mixed-use real estate here.

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