WICHITA, KS—WoodSpring Hotels has secured $275 million to refinance a portfolio of their WoodSpring Suites extended stay hotels. The diversified portfolio contains properties located across 20 states, including many of the fastest growing lodging markets in the country, according to the company.
J.P. Morgan provided the five-year, floating-rate loan to Woodspring. The non-recourse loan replaces existing debt and provides the company with approximately $70 million for additional development and accelerated distributions.
“This financing, along with our private equity sponsorship, demonstrates the significant institutional interest in WoodSpring Hotels,” said Kyle Rogg, CFO, WoodSpring Hotels. “Our properties’ high margins and stable cash flows make them particularly attractive to lenders.”