Sandpiper Lodging Belief (SLT) introduced at the moment that it accomplished the acquisition of 5 (5) working resorts from associates Sandpiper Hospitality III, LLC and Sandpiper Hospitality IV, LLC that function beneath the WoodSpring Suites model. These 5 properties are positioned in White Marsh, MD, Greenbelt, MD, Virginia Seaside, VA and two (2) in Baton Rouge, LA.
After this transaction, SLT owns 28 prolonged keep lodge property throughout 9 states. The transaction was financed with a mix of borrowing beneath the Firm’s just lately expanded $200 million revolving credit score facility, the belief of present debt on sure of the acquired properties and the rollover of the vast majority of investor fairness within the affiliated funds.
“I’m excited in regards to the continued development of our flagship firm, Sandpiper Lodging Belief,” stated P. Carter Rise, Chairman, President, and Chief Govt Officer. “These latest asset acquisitions proceed our technique of increasing our nationwide footprint and constructing significant scale within the prolonged keep lodge phase. We consider this sector outperforms nearly each different sector within the hospitality area in unsure financial instances and we proceed to see great alternative to construct a big portfolio of extended-stay resorts. Additional, I’m happy and humbled by the truth that over 70% of the buyers in these two funds elected to reinvest with us by rolling their funding over in SLT.”