SAN DIEGO, Feb. 2, 2024 - JLL Capital Markets announced today that it arranged $25.4 million in financing for 149-key Courtyard by Marriott in Cotton Heights, Utah.
JLL worked on behalf of the borrower, an affiliate of Huntington Hotel Group, and secured a floating-rate, interest-only loan from NYL Investors with term of up to four years inclusive of extension option. Loan proceeds were utilized to repay existing bank loan in addition to providing substantial cash-out, which was used towards partnership buyout.
The hotel is located at 7341 Canyon Centre Pkwy., just 20 minutes from Downtown Salt Lake City. Its convenient location at the base of the Wasatch Mountains offers unparalleled connectivity to the area's high concentration of corporate and leisure demand generators, including world-class ski resorts.
Courtyard Salt Lake City Cottonwood features premium amenities including a state-of-the-art fitness center, outdoor heated pool with spa, meeting and event space, onsite dining, rooftop terrace and business center. The property opened its doors in 2021 and quickly ramped up despite the challenges the hospitality industry faced during the Covid-19 pandemic.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Tim Wright, Director Olga Walsh and Analyst Jack Wood.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 02 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2024 12:40:34 UTC.
