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Madison Properties Seeks Financing For Woburn Development

Mar 21, 2016 | Reprints | Unlock Link | Print

Colliers International has been selected by Boston-based Madison Properties to arrange the debt and equity financing for the development of a dual-branded hotel at 369 Washington St. in Woburn.

Construction is scheduled to begin in the third quarter with a projected opening in January 2018. The 235-room hotel will include a 110-room Homewood Suites and a 125-room Hampton Inn & Suites designed by Group One Partners of Boston.

In a statement, Colliers said it will pursue a joint venture equity partner but also will consider buyers who prefer to develop the project themselves or contract to purchase it at completion. Thomas Welch, senior vice president of capital markets in Boston, and Richard Lillis, executive vice president of hotels with Colliers South Florida, will lead the team.

Commercial & Industrial