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In a boon for the hospitality industry, Cushman & Wakefield Sonnenblick Goldman's Global Hospitality Group just arranged a $212M floating-rate financing for a nine-hotel portfolio aggregating approximately 2.5k rooms. This refinancing demonstrates continued strong lender appetite for the sector, CWSG says.
Cushman & Wakefield Sonnenblick Goldman's Mark Gordon
CWSG's Mark Gordon (pictured), Jared Kelso, Alison Tan, and Ernest Lee, based out of NYC, represented FelCor Lodging Trust, which owns the portfolio of five Embassy Suites and four Sheraton hotels. Mark notes that that it generated strong interest from the lending community as a result of FelCor's sponsorship and the geographic diversity and strength of the assets, and the team was able to consolidate multiple maturing loans to reduce FelCor's overall cost of borrowing. The REIT's local assets include Embassy Suites in Parsippany, Piscataway, and Secaucus, NJ.