JLL SECURES $186M ACQUISITION LOAN FOR EAST COAST HOTEL PORTFOLIO

NEW YORK CITY — Blackstone Real Estate Advisors LP has secured $186 million in acquisition financing for a 15-property, select-service hotel portfolio on the East Coast. Deutsche Bank provided the five-year, floating-rate loan. The portfolio includes 1,642 rooms that are located in Pennsylvania, New York, North Carolina, New Jersey, Rhode Island, Connecticut and Delaware. Peter Nicoletti, executive managing director, and Mathew Comfort, managing director, along with Dustin Stolly and Bill Grice, executive vice presidents, led the Jones Lang LaSalle team, which arranged the financing. “The portfolio benefits from superior sponsorship that provided a significant equity investment of nearly $50 million, as well as their global brand recognition,” says Comfort. “In addition to the strong in-place cash flow, there is limited new supply in each market, which will bolster the portfolio’s performance going forward.”