COMMERCIAL REAL ESTATE direct lender Stonehill recently originated a $79.8 million, three-year, floating-rate bridge loan for New York-based Churchwick Partners for the acquisition of a 12-property, extended-stay hotel portfolio. The deal was premised on the strong performance by extended-stay hotels even during the pandemic.
Stonehill is an affiliate of Peachtree Hotel Group, led by Jatin Desai and Mitul Patel as managing principals. The deal includes 1,432 rooms in nine states, mostly Sonesta Hotels brands.
“Our sponsors benefit from experienced real estate lenders able to originate and close complex transactions,” said Nick Baer, Stonehill’s vice president for business development. “With funding options from traditional lenders limited for hotels and other commercial real estate properties, we are pleased to provide Churchwick Partners with the lending solution, financial capacity and hospitality expertise to close this transaction in a challenging capital market environment.”
The extended-stay segment has shown its strength throughout the pandemic, the company said, achieving the highest performance results of any hotel segment.
The portfolio includes:
- Sonesta ES Suites Cleveland Airport, 158 rooms, in Middleburg Heights, Ohio
- Sonesta ES Suites Chicago-Lombard, 144 rooms, in Lombard, Illinois
- Sonesta ES Suites, 128 rooms, in Birmingham, Alabama
- Suburban Extended Stay Hotel Westminster Denver North, 128 rooms, in Westminster, Colorado
- Candlewood Suites Syracuse Airport, 124 rooms, in Syracuse, New York
- Sonesta ES Suites St. Paul Airport, 120 rooms, in Egan, Minnesota
- Simply Suites Detroit Southfield, 121 rooms, in Warren, Michigan
- Sonesta ES Suites Dublin-Columbus, 106 rooms, in Columbus, Ohio
- Sonesta ES Suites, 106 rooms, in St. Louis, Missouri
- Sonesta ES Suites, 105 rooms, in Memphis, Tennessee
- Simply Suites, 98 rooms, in Knoxville, Tennessee
- Sonesta ES Suites, 94 rooms, in Montgomery, Alabama
Stonehill focuses on middle-market companies. The principals of Stonehill have originated roughly $5 billion in debt. Stonehill was ranked as the tenth-largest U.S. commercial real estate hotel lender by origination volume based on the 2021 Mortgage Bankers Association loan origination rankings.
In May, Stonehill announced major changes in their senior leadership team. The company hired Daniel Siegel, Greg Koenig, Nisu Mehta and Taylor Pike to expand its leadership team.
2024 માં શરૂ કરવામાં આવેલી, હિલ્ટન એટલાન્ટેનિયર મર્સિડીઝ બેન્ઝ સ્ટેડિયમ દ્વારા સિગ્નિયા, જ્યોર્જિયા વર્લ્ડ કોંગ્રેસ સેન્ટર અને સ્ટેટ ફાર્મ એરેના, આવતા વર્ષે હન્ટર હોટેલ કોન્ફરન્સનું આયોજન શરૂ કરશે.
હન્ટર હોટેલ કોન્ફરન્સમાં એક પેનલ પર બોલતા, ડાબેથી, વિઝન હોસ્પિટાલિટીના પ્રમુખ અને સીઈઓ મિચ પટેલ; ગ્રેગ ફ્રીડમેન, પીચટ્રી ગ્રુપના મેનેજિંગ પ્રિન્સિપાલ અને સીઈઓ; અને રોબર્ટ વેબસ્ટર, CBRE ના વાઇસ ચેરમેન.
