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Image Credit WoodSpring Suites
CIM Group has completed a $167.67 million loan to recapitalize a 15-property WoodSpring Suites extended stay hotel portfolio managed by Concord Hospitality and Whitman Peterson.
CIM Group announced the closure of a $167.67 million loan through its CIM Real Estate Debt Solutions business for Concord Hospitality and Whitman Peterson. The loan is intended to recapitalize a portfolio of 15 WoodSpring Suites extended-stay hotels in Florida, Michigan, North Carolina, and Tennessee.
The financial package includes an initial funding of $117.67 million, with an additional $50 million available for future earn-out opportunities and potential expansion of the hotel portfolio. The transaction is part of CIM Group’s broader strategy to focus on the hospitality industry, including select-service and extended stay properties.
The WoodSpring Suites brand offers economy extended stay accommodations. Its amenities include in-room kitchens, free Wi-Fi, and access to laundry facilities, vending machines, and fitness centers. The brand provides flexible pricing options, including nightly, weekly, and monthly rates.
The loan aligns with CIM Group’s hospitality strategy, which was implemented in 2023, and follows a recent $75 million loan for a select-service hotel in San Diego. In 2025, CIM-managed funds originated over $1 billion in commercial real estate loans.
Legal representation for the lender in the transaction was provided by Seyfarth Shaw LLP.
CIM Group, through its mortgage and mezzanine loan offerings, provides bridge and construction financing to owners and developers in major U.S. markets. The firm works with borrowers to deliver a range of lending solutions tailored to their needs.
