CIM Group's CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a loan package totaling more than $167 million to Concord Hospitality and Whitman Peterson to recapitalize a portfolio of 15 WoodSpring Suites extended-stay hotel properties in Florida, Michigan, North Carolina and Tennessee. This includes the initial funding of $117.7 million with an additional $50 million available for earn-out opportunities and potential expansion of the hotel portfolio.
The newly constructed extended-stay properties, all opened within the past two to five years, are strategically positioned in markets spanning Jacksonville, Charlotte, Raleigh-Durham, Detroit, Grand Rapids, Knoxville and Nashville.
The loan demonstrates CIM Group’s continuing focus on the hospitality industry which includes select-service and extended-stay properties in addition to the full-service sector, a strategy that CIM Group implemented in 2023. The WoodSpring Suites portfolio loan follows a recently closed $75 million loan for a select-service hotel in San Diego. In 2025, CIM-managed funds originated more than $1 billion in commercial real estate loans.
Seyfarth Shaw represented the lender in the transaction. JLL worked on behalf of the borrower. The JLL Hotels & Hospitality team was led by Americas CEO Kevin Davis, Managing Director Jillian Mariutti, Director Harry Keeshan and Analyst Malia Buljat.
"The successful refinancing reflects the strength of the extended-stay sector, the quality of this particular portfolio and the strength of the sponsors," Davis said in a statement. "Concord Hospitality and Whitman Peterson represent best-in-class sponsorship with deep expertise in extended-stay development and operations, including a pipeline of over 50 additional properties. With demand for extended-stay accommodations expected to grow five percent annually while new supply remains limited, these assets are well-positioned for continued strong performance."