GIC-Backed CitizenM Lands $210M Loan for Four New Hotels
CitizenM has secured a $210 million financing facility for a 904-key portfolio of four under-construction and soon-to-be-delivered CitizenM hotels.
JPMorgan Chase provided the loan, Commercial Observer learned from a source familiar with the matter.
Newmark (NMRK) brokered the deal with a team led by Dustin Stolly, Jordan Roeschlaub and Nick Scribani.
GIC, Singapore’s sovereign wealth fund, and APG Asset Management, a Dutch pension system, are investors backing CitizenM.
“CitizenM has the perfect room design to capture the live-work-play demand trends today’s generation of travelers seek. These four new hotels will continue to push the brand to new heights as CitizenM continues its rapid U.S. expansion,” Stolly said in a prepared remark.
The portfolio comprises CitizenM hotels in Chicago, Seattle, Miami’s South Beach and Menlo Park, Calif., according to a source familiar with the matter. All four purpose-built hotels will offer amenities such as 24/7 fitness centers, SocietyM meeting rooms and CanteenM restaurants. Additionally, certain hotels will feature rooftop bars and terraces.
“CitizenM provides a unique guest experience that the modern traveler seeking attainable luxury craves. We are excited to see the brand grow across the United States by adding these hotels,” said Roeschlaub.
JPMorgan Chase (JPM), APG Asset Management and GIC officials did not immediately respond to a request for comment.
Emily Fu can be reached at efu@commercialobserver.com.
