JLL’s Hotels & Hospitality group secured $153 million in senior financing for five full-service hotel properties, consisting of 1,140 keys located in California, Arizona, Colorado and Georgia.
JLL worked on behalf of the borrower, to secure the three-year, floating-rate loan through a debt fund.
The portfolio consists of the Embassy Suites San Rafael Marin County in San Rafael, CA; Embassy Suites Phoenix Downtown North in Phoenix; Embassy Suites Atlanta Perimeter Center and Marriott Atlanta Northeast Emory Area, both in Atlanta; and Highline Vail DoubleTree by Hilton in Vail, CO.
The portfolio properties were acquired between 2016 and 2018 and renovated between 2018 and 2020. The properties are all in markets that are driven by both year-round corporate and leisure travel, with a diverse set of demand drivers including convention, sports, entertainment and outdoor recreation.
JLL’s Hotels and Hospitality team representing the borrower was led by Managing Director Mike Huth and Director Shalin Patel.
“The transaction provided additional loan term across the portfolio at a cash-neutral advance rate, enabling the properties to season cash flow,” said Huth.
“The portfolio benefits from cross-country geographic diversification, mitigating the impact from material changes in cash flows from any single property,” added Patel.
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