Concord Hospitality and Whitman Peterson completed a $167.67 million recapitalization financing from CIM Group on a 15-property portfolio of WoodSpring Suites extended-stay hotels.
The loan package includes $117.67 million in initial funding with a maturity date of January 2029. An additional $50 million remains available for earn-out opportunities and potential portfolio expansion.
The properties span Florida, Michigan, North Carolina and Tennessee.
Los Angeles-based CIM Group's Real Estate Debt Solutions business closed the transaction on behalf of a CIM-managed fund.
Raleigh, North Carolina-based Concord operates the economy-tier extended-stay brand. WoodSpring Suites targets workforce housing and transitional family accommodations with in-room kitchens.
The financial restructuring demonstrates continued investor appetite for economy extended-stay assets despite market volatility.
Extended-stay hotels captured 42% of new U.S. hotel room openings in the third quarter, according to CoStar analysis. Hotel owners including Concord have signed agreements with Choice Hotels to develop multiple WoodSpring Suites properties in the Southeast.
The segment appeals to operators due to its reduced staffing requirements and lean amenity packages, which lower operating costs.
CIM Group expanded its hospitality lending strategy in 2023 to include select-service and extended-stay properties beyond traditional full-service hotels. The firm's managed funds originated more than $1 billion in commercial real estate loans in 2025.