NEW YORK CITY—JLL’s Motels & 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 throughout 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 CIM Group. The financing contains $117.7 million in preliminary funding with a further $50 million accessible 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 places close to main transportation corridors, employment facilities, and important facilities.
The JLL Motels & 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 energy of the extended-stay sector, the standard of this specific portfolio, and the energy of the sponsors,” stated Davis. “Harmony Hospitality and Whitman Peterson characterize best-in-class sponsorship with deep experience in extended-stay improvement and operations, together with a pipeline of over 50 further properties. With demand for extended-stay lodging anticipated to develop 5 p.c yearly whereas new provide stays restricted, these property are well-positioned for continued robust efficiency.”
