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TownePlace Suites Marriott

Jignesh Patel was seeking financing for the acquisition of the TownePlace Suites Marriott extended-stay hotel in Tewksbury, MA.  Mr. Patel, President of JNR Management, which owns and manages several hotels throughout New England, typically approaches local banks for financing when acquiring properties. In this case, local doesn’t get much closer. During an inspection tour at the hotel in 2017, he noticed that Lowell Five was in the process of moving its Corporate HQs and Operations Center literally next door to the hotel. “The shiny new HQs demonstrated the success and growth of the bank, and I immediately was thinking that the bank would be a great fit for our borrowing and ongoing business needs.”

 

“Our relationship with Lowell Five Bank is based on trust & understanding – we trust the bank and the bank understands our business. What more can we ask for?” Jignesh Patel

 

 

Patel and JNR Management worked with Tom Boucher, Senior Vice President, Commercial Lending; Don Bedard, Executive Vice President and Chief Lending Officer; and CEO David Wallace. The Lowell Five team put together a customized commercial loan deal structure within an aggressive timetable for closing. Patel appreciated the personal approach. “Throughout the process, I felt like I was working with long-standing friends and we were able to resolve any issues very quickly.”

Since the deal, TownePlace Suites Marriott has also worked with Lowell Five for their on-going deposit and banking service needs. “We continue to be extremely happy working with various other team members at Lowell Five who always go above and beyond to help us with various banking products to meet our business needs. We recommend Lowell Five Bank to our friends and will continue this relationship for the long term.”