Sandpiper Lodging Trust Announces Acquisition of 5 Extended Stay Hotel Assets
Richmond, VA
Sandpiper Lodging Trust Announces Acquisition of 5 Extended Stay Hotel Assets
Richmond, VA
PRWeb:
Sandpiper Lodging Trust (SLT) announced today that it completed the acquisition of five (5) operating hotels from affiliates Sandpiper Hospitality III, LLC and Sandpiper Hospitality IV, LLC that operate under the WoodSpring Suites brand. These five properties are located in White Marsh, MD, Greenbelt, MD, Virginia Beach, VA and two (2) in Baton Rouge, LA.
After this transaction, SLT owns 28 extended stay hotel assets across 9 states. The transaction was financed with a combination of borrowing under the Company's recently expanded $200 million revolving credit facility, the assumption of existing debt on certain of the acquired properties and the rollover of the majority of investor equity in the affiliated funds.
"I am excited about the continued growth of our flagship company, Sandpiper Lodging Trust," said P. Carter Rise, Chairman, President, and Chief Executive Officer. "These recent asset acquisitions continue our strategy of expanding our national footprint and building meaningful scale in the extended stay hotel segment. We believe this sector outperforms virtually every other sector in the hospitality space in uncertain economic times and we continue to see tremendous opportunity to build a significant portfolio of extended-stay hotels. Further, I am pleased and humbled by the fact that over 70% of the investors in these two funds elected to reinvest with us by rolling their investment over in SLT."
About Sandpiper
Based in Richmond, Va., Sandpiper, LLC is a nationally-focused real-estate investment organization recognized as one of the leading companies specializing in extended stay lodging properties. The company continues to develop its portfolio through ground-up development and selective acquisition of performing and non-performing properties. Sandpiper owns a total of 39 hotels under the Candlewood Suites (IHG), Courtyard (Marriott), ECHO Suites (Wyndham), Premier Suites (Extended Stay America), Residence Inn (Marriott), RiseWell Kitchen Suites (Sandpiper), Suburban Studios (Choice), and WoodSpring Suites (Choice) brands.
Sandpiper Hospitality ("SH"), an affiliated hotel management company, manages the entire Sandpiper portfolio and manages 30+ more hotels for unaffiliated third parties. SH has earned its position as the leading operator in the extended stay hotel segment of hospitality by combining the spirit of genuine, welcoming hospitality with superior financial returns, fueling the growth and prosperity of its various stakeholders – from associates to guests to owners and investors. For more information, visit www.sandpiperhospitality.com.
