SAN DIEGO, California—JLL Capital Markets introduced that it organized $25.4 million in financing for 149-key Courtyard by Marriott in Cotton Heights, Utah.
JLL labored on behalf of the borrower, an affiliate of Huntington Resort Group, and secured a floating-rate, interest-only mortgage from NYL Buyers with a time period of as much as 4 years inclusive of an extension choice. Mortgage proceeds have been used to repay present financial institution loans along with offering substantial cash-out, which was used in the direction of partnership buyout.
The resort is situated 20 minutes from Downtown Salt Lake Metropolis. Its location on the base of the Wasatch Mountains presents connectivity to the world’s excessive focus of company and leisure demand mills, together with ski resorts.
Courtyard Salt Lake Metropolis Cottonwood has facilities together with a health middle, outside heated pool with spa, assembly and occasion area, onsite eating, rooftop terrace, and enterprise middle. The property opened its doorways in 2021 and ramped up regardless of the challenges the hospitality business confronted through the COVID-19 pandemic.
The JLL Capital Markets Debt Advisory staff was led by Senior Managing Director Tim Wright, Director Olga Walsh, and Analyst Jack Wooden.
