Sandpiper Lodging Trust Announces Acquisition of 5 Extended Stay Hotel Assets
Vinson & Elkins advised Sandpiper Lodging Trust in the acquisition of five operating extended stay hotels through mergers of two private investment funds managed by an affiliate of Sandpiper Lodging Trust’s sponsor into Sandpiper Lodging Trust’s operating partnership subsidiary.
The transaction was financed with a combination of borrowing under the Company’s recently expanded $200 million revolving credit facility, the assumption of existing debt on certain of the acquired properties and the rollover of the majority of investor equity in the affiliated funds.
The Vinson & Elkins corporate team was led by partner Daniel LeBey, with assistance from senior associate Erin Torrez and associate Bekah Briggs. Other team members included partners Chris Mangin and Paige Anderson.
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