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JLL secures $150 million in acquisition financing for 16-property select-service portfolio in Ohio, Kentucky
ATLANTA, Oct. 1, 2014 – Continued momentum in select-service hotels could push transaction volumes for that sector to $9 billion by year end. Strong capital market fundamentals are creating a competitive lending environment, as many investors seek debt to finance their acquisitions. On behalf of a joint venture between BlueMountain Capital and Aimbridge Hospitality, JLL today announced that the firm has secured $150 million in acquisition financing for a 16-property select-service hotel portfolio with assets in Kentucky and Ohio. J.P. Morgan provided the loan.
Managing Director Dustin Stolly, Executive Vice President Bill Grice and Senior Vice President Brett Rosenberg led the JLL Capital Markets and Hotels & Hospitality team on the transaction.
“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 Stolly. “Today’s floating-rate debt market continues to provide attractive loan structures for large portfolio financings, particularly in the select-service hotel space.”
Grice added, “Select-service portfolios of scale provide lenders with an opportunity to finance a diverse collection of well-performing assets and demonstrate how attractive hospitality continues to be for lenders and investors alike.”
The 1,776-key portfolio features seven Courtyard by Marriott, seven TownPlace Suites and two SpringHill Suites hotels in Cincinnati, Cleveland, Columbus and Toledo. The properties have recently undergone significant capital renovations and many include guest amenities such as complimentary internet access and breakfast, a fitness center and shuttle service to the respective market’s airport.
JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s 300 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US $36 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s iPhone app or iPad app from the App Store.
About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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