US: Sandpiper Lodging Trust has acquired the Suburban Extended Stay in Jacksonville, North Carolina.
The Suburban Extended Stay is an economy hotel focused on extended stays. The property contains 117 rooms and is located near Camp Lejeune.
CEO of Sandpiper Lodging Trust, Carter Rise, said: “We are extremely excited to add this Suburban Extended Stay hotel to the Sandpiper Lodging Trust portfolio. This represents our fourth flag under the SLT umbrella, which is a key component of our long-term strategy of building SLT into an outstanding, diversified REIT focused on the extended stay hotel market.”
Sandpiper Lodging Trust, or SLT, is a Virginia-based real estate investment trust focusing on extended stay properties.
Rise said: “Our core extended stay portfolio continues to out-perform as we recover from the COVID-19 pandemic, and we remain very grateful to our lenders and equity partners for their confidence in us as we expand our platform of extended stay assets. We expect to see continued strong growth of our portfolio during the second half of the year, into 2022, and beyond.”
