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News release

New York

JLL Advises Starwood on Financing of Nationwide Extended-Stay Hotel Portfolio

Firm closes $500 million loan for the refinancing of InTown Suites Portfolio


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NEW YORK, March 2, 2015 – On behalf of Starwood Capital Group Global, L.P., JLL today announced the firm secured $500 million for the refinancing of the InTown Suites Portfolio. The portfolio consists of 85 properties located across 18 states nationwide. Credit Suisse provided the five-year, floating-rate loan.
 
Managing Director Dustin Stolly, Executive Vice President Bill Grice and Senior Vice President Brett Rosenberg led the JLL team on the transaction.
 
“The portfolio has a proven track record of strong performance and lenders were drawn to the opportunity to back a diversified portfolio of hotels across a wide range of markets,” said Stolly. “Additionally, the portfolio benefits from its strong brand affiliation and institutional sponsorship.”
 
“InTown Suites is widely recognized as a leader in the economy extended-stay lodging segment. The portfolio’s strong occupancy combined with improving revenue momentum, evidenced by its net operating income increase of more than 54 percent since 2009, made this an extremely attractive refinancing opportunity,” added Grice.
 
The portfolio totals 10,764 keys across 13 markets including Dallas, Houston, San Antonio, Cincinnati, Indianapolis, Nashville, Salt Lake City and Phoenix. Suites feature full kitchens, flat screen televisions, high speed Wi-Fi internet and large living room areas.
 
According to Rosenberg, “With key value initiatives underway, the portfolio is poised to drive significant bottom line net operating income gains as the properties demonstrate a highly efficient operating model with robust profit margins.”
 
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 more than 320 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 more than US $48 billion, while also completing approximately 4,500 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, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.
 
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About JLL
 
JLL (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 $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 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.