CIM Group Supports WoodSpring Suites Portfolio In Key US Tourism Markets

In a significant move to bolster the US hospitality sector, CIM Group has closed a 167,670,000 dollars loan to affiliates of Concord Hospitality and Whitman Peterson. This financing package is aimed at recapitalizing a portfolio of 15 WoodSpring Suites extended stay hotel properties located across Florida, Michigan, North Carolina, and Tennessee. This strategic loan includes an initial funding of $117,670,000, with an additional $50,000,000 available for potential expansion or earn-out opportunities within the hotel portfolio.

The loan represents a significant investment in the extended stay hotel market, which has become increasingly popular for both business and leisure travelers looking for long-term accommodations. WoodSpring Suites is renowned for its value proposition, offering guests the comfort of home with the convenience of a hotel. The properties in question are strategically located in key US states that are known for their growing tourism sectors, making the revitalization of these properties an important factor in enhancing local tourism infrastructure.

WoodSpring Suites’ Impact on Local Tourism and Hospitality

WoodSpring Suites is an economy-focused extended stay brand, providing a unique offering that caters to long-term visitors and families. The properties are designed with comfort and convenience in mind, offering fully equipped suites with in-room kitchens and free Wi-Fi, along with access to essential services like 24-hour laundry rooms, vending machines, and fitness centres. The extended stay model, with flexible nightly, weekly, and monthly rates, ensures that the properties can cater to a diverse range of travellers, from those on business trips to families visiting for extended periods.

The revitalisation of the WoodSpring Suites portfolio is expected to have a positive impact on tourism in Florida, Michigan, North Carolina, and Tennessee. These states are popular destinations for both domestic and international tourists. Florida, known for its bustling tourism industry with attractions like Walt Disney World and Miami Beach, benefits from the extended stay model by offering more affordable lodging options for long-term visitors. Similarly, North Carolina, with its growing appeal as a business hub and tourist destination, stands to gain from the increased capacity for longer stays.

The 15-property portfolio includes hotels situated in high-demand areas that will help to boost tourism by offering budget-friendly accommodation for both leisure and business travellers. By catering to guests who need more flexible and extended accommodation, these hotels will fill a niche in the market that is growing rapidly as remote work and longer stays become more common post-pandemic.

Strategic Focus on Hospitality and Economic Growth

CIM Group’s loan to Concord Hospitality and Whitman Peterson underscores its ongoing commitment to investing in the US hospitality sector, particularly in select-service and extended stay properties. This initiative is part of a broader strategy adopted by CIM Group in 2023, where the firm focused on high-demand accommodation types like select-service hotels and extended stay properties. This strategy has already proven successful, with CIM-managed funds originating over 1 billion dollars in commercial real estate loans in 2025 alone.

The loan to recapitalize the WoodSpring Suites portfolio follows a similar 75 million dollars loan provided to a select-service hotel in San Diego. The portfolio’s success will play a pivotal role in the economic health of the local communities, as the hospitality industry has long been a key driver of employment and regional economic development. The enhancement of tourism infrastructure, including the availability of affordable and convenient accommodation, ensures that these states can attract more visitors, further boosting the local economies.

Support for Sustainable Tourism Development

CIM Group’s approach to lending for extended stay hotels not only supports local economies but also aligns with sustainable tourism practices. By focusing on the development of properties that serve longer-term visitors, CIM Group is helping to reduce the pressure on more traditional, short-term lodging options, such as hotels with a higher turnover rate. This shift towards longer stays helps to create more sustainable tourism ecosystems, benefiting local businesses, attractions, and the broader hospitality sector.

Furthermore, the investment in these WoodSpring Suites properties comes at a time when tourism is rebounding across the US. Following the pandemic, there has been a notable increase in demand for alternative accommodations that cater to a more flexible and mobile workforce. By offering longer-term accommodation options at an affordable price point, the properties are poised to meet the needs of both tourists and professionals who are looking for home-like comforts while away from home.

A Growing Tourism Trend Across the United States

With the support of this significant loan, the WoodSpring Suites extended stay portfolio is set to enhance the appeal of Florida, Michigan, North Carolina, and Tennessee as key tourism destinations. By offering well-designed, cost-effective accommodation, these states are better positioned to accommodate the growing demand for longer-term stays, further supporting local tourism economies. The continued investment in such properties signals a bright future for the extended stay model, which is well-poised to cater to the evolving needs of today’s travelers.

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