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.

Sonesta Extended Stay, Dublin-Columbus, Ohio
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.