NEW YORK CITY—JLL’s Lodges & Hospitality Group introduced that it has organized $167.7 million in refinancing for a 15-property WoodSpring Suites portfolio totaling 1,829 keys throughout Michigan, Tennessee, North Carolina, and Florida. The newly constructed extended-stay properties have all opened inside the previous two to 5 years.
JLL labored on behalf of the borrower, a partnership between Whitman Peterson and associates of Harmony Hospitality Enterprises Firm, to safe a floating-rate, five-year mortgage by way of CIM Group. The financing contains $117.7 million in preliminary funding with an extra $50 million out there for earn-out alternatives and asset additions.
The WoodSpring Suites model contains properties with fee-simple possession, non-union operations, and select-service positioning. Every asset advantages from prime areas close to main transportation corridors, employment facilities, and important facilities.
The JLL Lodges & Hospitality group was led by Americas Chief Govt Officer Kevin Davis, Managing Director Jillian Mariutti, Director Harry Keeshan, and Analyst Malia Buljat.
“The profitable refinancing displays the power of the extended-stay sector, the standard of this specific portfolio, and the power of the sponsors,” mentioned Davis. “Harmony Hospitality and Whitman Peterson signify best-in-class sponsorship with deep experience in extended-stay growth and operations, together with a pipeline of over 50 extra properties. With demand for extended-stay lodging anticipated to develop 5 % yearly whereas new provide stays restricted, these belongings are well-positioned for continued robust efficiency.”
