Sandpiper, LLC Forms Sandpiper Lodging Trust and Acquires Nine Operating WoodSpring Suites From Sandpiper, LLC

USA, Richmond, Virginia. December 06, 2018

Sandpiper, LLC, a premier developer and operator of extended stay hotels, is pleased to announce that it has completed the formation of Sandpiper Lodging Trust (SLT). SLT is a privately held Maryland real estate investment trust focused on extended stay hotel properties, with emphasis on the economy and mid-scale segments of the market. In conjunction with the formation of SLT, the company acquired nine operating hotels from affiliates of Sandpiper, LLC that operate under the WoodSpring SuitesTM brand. SLT was capitalized through the roll-over by a majority of the investors in the nine hotels of their ownership interests in exchange for equity in SLT, the completion of a new $75 million credit facility and the private placement of approximately $12 million of new Class A common shares in SLT.

SLT expects to build a nationwide portfolio of extended stay hotels through both acquisition and development to deliver both current income and long-term capital gains to its equity partners. 

“I am very excited about the launch of our new flagship company, Sandpiper Lodging Trust,” said P. Carter Rise, chairman, president and chief executive officer. “Our predecessor funds delivered outstanding returns to our investment partners, and it was time to recapitalize those funds into a vehicle that we could build on for the future. We are extremely happy that our current investors, as well as our new investors, see the opportunity to build a meaningful portfolio of extended stay hotels.”

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in April 2019...

Guest Service: A Culture of YES

In a recent global consumers report, 97% of the participants said that customer service is a major factor in their loyalty to a brand, and 76% said they view customer service as the true test of how much a company values them. And since there is no industry more reliant on customer satisfaction than the hotel industry, managers must be unrelenting in their determination to hire, train and empower the very best people, and to create a culture of exceptional customer service within their organization. Of course, this begins with hiring the right people. There are people who are naturally service-oriented; people who are warm, empathetic, enthusiastic, pleasant, thoughtful and optimistic; people who take pride in their ability to solve problems for the hotel guests they are serving. Then, those same employees must be empowered to solve problems using their own judgment, without having to track down a manager to do it. This is how seamless problem solving and conflict resolution are achieved in guest service. This willingness to empower employees is part of creating a Culture of Yes within an organization.  The goal is to create an environment in which everyone is striving to say “Yes”, rather than figuring out ways to say, “No”. It is essential that this attitude be instilled in all frontline, customer-facing, employees. Finally, in order to ensure that the hotel can generate a consistent level of performance across a wide variety of situations, management must also put in place well-defined systems and standards, and then educate their employees about them. Every employee must be aware of and responsible for every standard that applies in their department. The April issue of the Hotel Business Review will document what some leading hotels are doing to cultivate and manage guest satisfaction in their operations.