CooperWynn Capital has closed a $30.6 million multi-tranche capitalization on behalf of Four Yucca LLC and its development partner Byways Hospitality for the acquisition and restoration of the West Texas Big Bend historic hotel portfolio.
The portfolio consists of three landmark assets, including the Holland Hotel (28 rooms) in Alpine, the Hotel Limpia (30 rooms) in Fort Davis and the Maverick Inn (21 rooms) in Alpine, representing 79 guestrooms, two restaurants, two bars and more than a century of operating history in the Texas Big Bend region.
The capital stack required the simultaneous structuring and closing of three independent financing sources, including Historic Tax Credit (HTC) equity generated from qualifying historic designations of the hotels with a USDA Business & Industry (B&I) guaranteed loan serving as the anchor senior debt facility, and Property Assessed Clean Energy (PACE) financing tied to qualifying improvements at the properties. Each tranche had distinct underwriting and regulatory timelines, requiring coordinated execution among lenders, tax credit investors, the PACE provider and sponsorship.
The transaction’s path to closing was significantly complicated by the federal government shutdown last year, which stalled both USDA loan processing and the National Park Service review required to finalize Historic Tax Credit certifications. With multiple capital sources contingent on federal agency approvals, the CooperWynn team maintained alignment among all parties amid shifting timelines and regulatory uncertainty, preserving transaction momentum despite the extended delays.
“This was one of the longest and most technically demanding deals our team has ever seen through to close,” said Stan Kozlowski, principal, CooperWynn Capital. “When the government shutdown froze USDA processing and stalled our Historic Tax Credit certifications with the National Park Service, we had to hold an incredibly complex transaction together with no timeline and no certainty. That takes a different kind of commitment from the seller, from our team, from our client and from lending partners who believed in the story of these properties and refused to walk away. Bringing this capital stack to execution required precision, persistence and deep relationships across every layer of the structure.”
The Holland Hotel, originally constructed between 1909 and 1912, features a 28-room annex designed by architects Trost & Trost and will undergo a full restoration of its landmark lobby bar, ballroom and guestrooms.
The Hotel Limpia, constructed in 1913 in Fort Davis, will receive comprehensive renovations, including a new courtyard pool and an expanded restaurant opening to outdoor seating.
The Maverick Inn, one of the oldest continuously operating motor lodges in the U.S., will see its historic rooms updated, capitalizing on the property’s eclectic, retro-desert character. Together, the properties are positioned to capture meaningful market share in the Big Bend boutique lodging market, which has grown 12% annually over the past decade.
“We’ve worked on a lot of complex transactions, but this one tested us in ways that go beyond the purely technical,” said Marc Sallette, principal, CooperWynn Capital. “Layering Historic Tax Credits, a USDA B&I loan and PACE financing is demanding under normal circumstances. Doing it through a protracted government shutdown while keeping every lender and investor aligned and a passionate sponsor team focused on the finish line required a level of tenacity and relationship capital that only comes from years in this business. The result is a capital structure that supports the long-term restoration and repositioning of three of Texas’ most storied hospitality assets.”
