Sandpiper Lodging Belief (SLT) introduced in the present day that it accomplished the acquisition of 5 (5) working motels from associates Sandpiper Hospitality III, LLC and Sandpiper Hospitality IV, LLC that function beneath the WoodSpring Suites model. These 5 properties are situated in White Marsh, MD, Greenbelt, MD, Virginia Seaside, VA and two (2) in Baton Rouge, LA.
After this transaction, SLT owns 28 prolonged keep resort belongings throughout 9 states. The transaction was financed with a mixture of borrowing beneath the Firm’s not too long ago expanded $200 million revolving credit score facility, the belief of current debt on sure of the acquired properties and the rollover of nearly all of investor fairness within the affiliated funds.
“I’m excited concerning the continued progress of our flagship firm, Sandpiper Lodging Belief,” mentioned P. Carter Rise, Chairman, President, and Chief Govt Officer. “These current asset acquisitions proceed our technique of increasing our nationwide footprint and constructing significant scale within the prolonged keep resort phase. We consider this sector outperforms nearly each different sector within the hospitality house in unsure financial instances and we proceed to see large alternative to construct a major portfolio of extended-stay motels. Additional, I’m happy and humbled by the truth that over 70% of the traders in these two funds elected to reinvest with us by rolling their funding over in SLT.”