September 26, 2022 3:00 PM
On behalf of citizenM, 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 and Co-Heads of the Debt, Equity & Structured Finance team, and Senior Managing Director Nick Scribani.
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. All four markets generate strong demand from business travel as well.
Each purpose-built hotel will offer amenities tailored to today’s business and leisure travelers, such as 24/7 fitness centers, spacious and airy societyM meeting rooms, and canteenM restaurants that provide full-day food and beverage service. Additionally, certain hotels will feature ultra-desirable amenities, including cloudM rooftop bars and expansive terraces. Consistent with the global citizenM portfolio, each hotel offers a quick and intuitive check-in process, smart technology controlled by an in-room tablet and top-tier room quality.
“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,” Stolly commented.
Roeschlaub added, “citizenM provides a unique guest experience that the modern traveler seeking attainable luxury craves. We are excited to see the brand grow across the United States by adding these hotels.”
citizenM, with its institutional backing by APG and GIC (two of the world’s largest pension and sovereign wealth funds, with an AUM of over $692 billion and $390 billion, respectively), has quickly become one of the most recognizable vertically integrated hotel operators in the world. citizenM currently boasts 24 hotels and 5,514 rooms on three continents, with another 17 hotels and 4,108 rooms in its pipeline over the next three years. citizenM manages all its hotels and owns the majority of them.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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