$153M senior financing secured for five full-service hotel properties
JLL’s Hotels & Hospitality group arranged the financing for five hotel properties, consisting of 1,140 keys across four states
LOS ANGELES, Sept. 19, 2024 – JLL’s Hotels & Hospitality group announced today that it 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, California; Embassy Suites Phoenix Downtown North in Phoenix, Arizona; Embassy Suites Atlanta Perimeter Center in Atlanta, Georgia; Marriott Atlanta Northeast Emory Area in Atlanta, Georgia; and Highline Vail DoubleTree by Hilton in Vail, Colorado.
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.
Furthermore, the portfolio properties benefit from strong brand affiliations with both Hilton and Marriott, both among the most well-respected brands in the industry with the broadest reaching guest loyalty programs. The properties all feature superior operating structures, robust reservations systems, and unparalleled consumer recognition.
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.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.