JLL Capital Market represented an affiliate of Huntington Hotel Group in the refinancing of the 149-key Utah hotel
News release
02 February 2024
JLL Capital Markets arranges $25.4M refinancing of Courtyard Salt Lake City Cottonwood Hotel
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SAN DIEGO, Feb. 2, 2024 – JLL Capital Markets announced today 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 term of up to four years inclusive of extension option. Loan proceeds were utilized to repay existing bank loan in addition to providing substantial cash-out, which was used towards partnership buyout.
The hotel is located at 7341 Canyon Centre Pkwy., just 20 minutes from Downtown Salt Lake City. Its convenient location at the base of the Wasatch Mountains offers unparalleled connectivity to the area’s high concentration of corporate and leisure demand generators, including world-class ski resorts.
Courtyard Salt Lake City Cottonwood features premium amenities including a state-of-the-art 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 quickly 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Huntington Hotel Group
Huntington Hotel Group develops and manages premium brand select service hotels, operating a portfolio of more than 3,200 rooms. In addition to developing, owning and operating hotels, Huntington Hotel Group provides operating and asset management services for hotel owners through its affiliates. For more information, please visit huntingtonhotelgroup.com.
About NYL Investors
For more than a century, NYL Investors has managed a comprehensive investment program for New York Life, the largest mutual life insurance company in the U.S.2 Today, our team manages $302 billion across fixed income, real estate and private placements for the NYL General Account and like-minded 3rd party investors around the globe. Headquartered in New York City with offices in Atlanta, Chicago, Dallas, San Francisco, and London, we offer our strategic, third-party partners opportunities to invest alongside us across a diverse set of public and private asset classes.
We aim to build long-lasting relationships based on our partnership approach and strong investment discipline across our three investment groups, Fixed Income Investors, Private Capital Investors, and Real Estate Investors. We’ve been doing this through all major market and economic cycles since the company started managing investments 175 years ago.1
1. Prior to the formation of NYL Investors LLC, in October 2013 it operated as an investment division of New York Life Investment management, LLC which is an affiliated investment advisor that commenced operations in April 2000. Previously, the investment groups of NYL Investors LLC operated within New York Life Insurance Company (New York Life) managing investment program for New York Life’s General Account.
2. Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/5/23. For methodology, please see https://fortune.com/franchise-list-page/fortune-500-methodology-2023/.