JLL Capital Markets arranges $25.4M refinancing for SLC hotel

JLL Capital Markets 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 20 minutes from Downtown Salt Lake City and has a fitness center, outdoor heated pool, meeting and event space, onsite dining, a rooftop terrace and a business center. The property opened in 2021.  

The JLL Capital Markets Debt Advisory team was led by senior managing director Tim Wright, director Olga Walsh and analyst Jack Wood.