J.P. Morgan Provides $150M for Hotel Portfolio
By Guelda Voien September 26, 2014 1:25 pm
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JLL (JLL) secured $150 million in acquisition financing from J.P. Morgan on behalf of a joint venture between Blue mountain capital and Aimbridge Hospitality, Mortgage Observer has exclusively learned. The J.V. purchased a 16-property select-service hotel portfolio with assets in Kentucky and Ohio.
The 1,776-key portfolio features seven Courtyard by Marriotts, seven TownPlace Suites and two SpringHill Suites hotels in Cincinnati, Cleveland, Columbus and Toledo, according to JLL. The properties recently underwent upgrades.
The two-year floating-rate loan has two one-year extension options, a source familiar with the deal told Mortgage Observer.
The seller was not disclosed.
“Superior sponsorship, coupled with the fact that all of these quality assets had just come out of significant capital upgrades, drove diverse lender interest in the portfolio,” said Dustin Stolly, managing director with JLL, in a statement provided to MO. “Today’s floating-rate debt market continues to provide attractive loan structures for large portfolio financings, particularly in the select-service hotel space.”
Mr. Stolly worked with JLL Executive Vice President Bill Grice and Senior Vice President Brett Rosenberg on the transaction.
