Newmark has arranged a $210-million financing facility for a 904-key portfolio of four under-construction and soon-to-be-delivered citizenM hotels.
The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen/co-heads, Debt & Structured Finance team, and Nick Scribani, senior managing director.
The portfolio comprises citizenM hotels anchoring strong submarkets. citizenM anchor investors include GIC, Singapore’s sovereign wealth fund and APG Asset Management, a Dutch pension system. Each subject property commands a superior location proximate to many local demand drivers, such as large corporations and popular dining, shopping and entertainment districts, according to Newmark. All four markets generate strong demand from business travel as well.
Each hotel will offer amenities such as 24/7 fitness centers, societyM meeting rooms and canteenM restaurants that provide full-day food and beverage service. Additionally, certain hotels will feature cloudM rooftop bars and terraces.
“citizenM has the perfect room design to capture the live/work/play demand trends today’s generation of travelers seek; these four new hotels will continue to push the brand to new heights as citizenM continues its rapid U.S. expansion,” said Stolly.
Roeschlaub added, “citizenM provides a unique guest experience that the modern traveler seeking attainable luxury craves.”
