NEW YORK CITY—JLL’s Hotels & Hospitality Group announced that it has arranged $167.7 million in refinancing for a 15-property WoodSpring Suites portfolio totaling 1,829 keys across Michigan, Tennessee, North Carolina, and Florida. The newly constructed extended-stay properties have all opened within the past two to five years.
JLL worked on behalf of the borrower, a partnership between Whitman Peterson and affiliates of Concord Hospitality Enterprises Company, to secure a floating-rate, five-year loan through CIM Group. The financing includes $117.7 million in initial funding with an additional $50 million available for earn-out opportunities and asset additions.
The WoodSpring Suites brand includes properties with fee-simple ownership, non-union operations, and select-service positioning. Each asset benefits from prime locations near major transportation corridors, employment centers, and essential amenities.
The JLL Hotels & Hospitality team was led by Americas Chief Executive Officer Kevin Davis, Managing Director Jillian Mariutti, Director Harry Keeshan, and Analyst Malia Buljat.
“The successful refinancing reflects the strength of the extended-stay sector, the quality of this particular portfolio, and the strength of the sponsors,” said Davis. “Concord Hospitality and Whitman Peterson represent best-in-class sponsorship with deep expertise in extended-stay development and operations, including a pipeline of over 50 additional properties. With demand for extended-stay accommodations expected to grow five percent annually while new supply remains limited, these assets are well-positioned for continued strong performance.”
