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WASHINGTON, DC-Rockwood Capital has gone to the debt markets three times in the last year to refinance hotels and by the third loan it found spreads had tightened by 160 basis points, according to Jones Lang LaSalle’s Matthew Comfort, who helped to arrange the financing. Rockwood’s experiences are illustrative of the appetite for hotel debt among lenders—and the general health of the lodging industry. “We have broadly seen the market recover and lenders are now looking for assets that are in transition,” he tells GlobeSt.com.

The most recent transaction was a $31.5-million loan secured to refinance the Club Quarters Washington, DC, a 161-room, full-service hotel two blocks from the White House. Comfort, along with colleague Mike Huth repped the deal. That makes three Club Quarters hotels JLL has helped refinance, for a total of $126 million. There was also the 230-room Club Quarters Rockefeller Center and the 170-room Club Quarters Midtown.

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