SAN DIEGO, California—JLL Capital Markets announced that it arranged $25.4 million in financing for 149-key Courtyard by Marriott in Cotton Heights, Utah.
JLL worked on behalf of the borrower, an affiliate of Huntington Hotel Group, and secured a floating-rate, interest-only loan from NYL Investors with a term of up to four years inclusive of an extension option. Loan proceeds were used to repay existing bank loans in addition to providing substantial cash-out, which was used towards partnership buyout.
The hotel is located 20 minutes from Downtown Salt Lake City. Its location at the base of the Wasatch Mountains offers connectivity to the area’s high concentration of corporate and leisure demand generators, including ski resorts.
Courtyard Salt Lake City Cottonwood has amenities including a fitness center, outdoor heated pool with spa, meeting and event space, onsite dining, rooftop terrace, and business center. The property opened its doors in 2021 and ramped up despite the challenges the hospitality industry faced during the COVID-19 pandemic.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Tim Wright, Director Olga Walsh, and Analyst Jack Wood.
