Dealmaker: Stonehill Originates $80M for Extended-Stay Hotel Portfolio
Stonehill, Atlanta, originated a $79.8 million bridge loan for New York-based Churchwick Partners to acquire and recapitalize a 12-property extended-stay hotel portfolio.
Photo courtesy of Stonehill
Stonehill originated a three-year floating-rate loan for the portfolio.
The 1,432-room portfolio includes:
• 158-room Sonesta extended-stay Suites Cleveland Airport in Middleburg Heights, Ohio
• 144-room Sonesta extended-stay Suites Chicago-Lombard in Lombard, lll.
• 128-room Sonesta extended-stay Suites in Birmingham, Ala.
• 128-room Suburban Extended Stay Hotel Westminster Denver North in Westminster, Colo.
• 124-room Candlewood Suites Syracuse Airport in Syracuse, N.Y.
• 120-room Sonesta extended-stay Suites St. Paul Airport in Egan, Minn.
• 121-room Simply Suites Detroit Southfield in Warren, Mich.
• 106-room Sonesta extended-stay Suites Dublin-Columbus in Columbus, Ohio
• 106-room Sonesta extended-stay Suites in St. Louis, Mo.
• 105-room Sonesta extended-stay Suites in Memphis, Tenn.
• 98-room Simply Suites in Knoxville, Tenn.
• 94-room Sonesta extended-stay Suites in Montgomery, Ala.
“We were pleased to provide Churchwick Partners with the lending solution, financial capacity and hospitality expertise to close this transaction in a challenging capital market environment,” said Nick Baer, Stonehill Vice President of Business Development.
