LOS ANGELES, California—JLL’s Motels & Hospitality Group introduced that it secured $153 million in senior financing for 5 full-service lodge properties, consisting of 1,140 keys situated in California, Arizona, Colorado, and Georgia.
JLL labored on behalf of the borrower, to safe the three-year, floating-rate mortgage via a debt fund.
The portfolio consists of the Embassy Suites San Rafael Marin County in San Rafael, California; Embassy Suites Phoenix Downtown North in Phoenix, Arizona; Embassy Suites Atlanta Perimeter Heart in Atlanta, Georgia; Marriott Atlanta Northeast Emory Space in Atlanta, Georgia; and Highline Vail DoubleTree by Hilton in Vail, Colorado.
The portfolio properties have been acquired between 2016 and 2018 and renovated between 2018 and 2020. The properties are all in markets which might be pushed by each year-round company and leisure journey, with demand drivers together with conference, sports activities, leisure, and out of doors recreation.
JLL’s Motels and Hospitality group representing the borrower was led by Managing Director Mike Huth and Director Shalin Patel.
“The transaction offered extra mortgage time period throughout the portfolio at a cash-neutral advance fee, enabling the properties to season money circulate,” stated Huth.
“The portfolio advantages from cross-country geographic diversification, mitigating the impression from materials adjustments in money flows from any single property,” added Patel.