CIM Group announced it has closed a $167.67 million loan package to affiliates of Concord Hospitality and Whitman Peterson to recapitalize a 15-property WoodSpring Suites extended-stay hotel portfolio spanning Florida, Michigan, North Carolina, and Tennessee.
The financing was originated by CIM Real Estate Debt Solutions on behalf of a CIM-managed fund. CIM said the package includes $117.67 million of initial funding, with an additional $50 million available tied to earn-out opportunities and potential expansion of the portfolio.
The deal underscores continued lender interest in extended-stay and select-service hospitality assets, particularly portfolios designed around longer-length-of-stay demand and lower operating complexity relative to full-service hotels. WoodSpring Suites properties typically cater to guests seeking value-oriented accommodations for multi-night stays, with room layouts and amenities geared toward day-to-day living rather than traditional transient hotel usage.
CIM highlighted the WoodSpring Suites brand’s positioning as an economy extended-stay offering built around “comforts of home” features, including in-room kitchens and free Wi-Fi. The properties also provide around-the-clock access to on-site conveniences such as laundry rooms, vending machines, and a fitness center. The brand generally offers nightly, weekly, and monthly rate structures intended to appeal to guests staying for extended periods.
For Concord Hospitality and Whitman Peterson, the loan is aimed at recapitalizing the portfolio—typically a mix of refinancing existing capital, reshaping the equity and debt structure, and creating flexibility for portfolio-level business plans. CIM’s structure, with an initial funded amount and an additional earn-out component, suggests a financing framework that can scale with performance milestones or growth activity, while also providing optionality for adding assets or expanding the footprint.
CIM noted that this deal is part of a broader hospitality lending push that includes select-service and extended-stay properties in addition to the full-service sector. The company said it implemented this hospitality strategy in 2023 and has continued to originate loans tied to the space.
The WoodSpring Suites portfolio financing follows what CIM described as a recently closed $75 million loan for a select-service hotel in San Diego, reflecting a pipeline that spans both single-asset and portfolio transactions. CIM also said that in 2025, CIM-managed funds originated more than $1 billion in commercial real estate loans, pointing to an active year for its credit platform across property types.
Support: Seyfarth Shaw LLP represented the lender in the transaction.
