NATIONAL REPORT—Finance activity is heating up across hospitality. Here are the details on the recent transactions and partnerships:
Lightstone Completes Refinancing for Moxy East Village
Lightstone has closed on $175 million in financing from Goldman Sachs Private Bank for Moxy East Village, a 286-key Marriott-brand hotel in Manhattan’s East Village neighborhood. The hotel opened Sept. 12, 2019, and is the third of five Lightstone-developed Moxy hotels to open in New York City.
The newly constructed, 13-story hotel is a collaboration with interior design firm Rockwell Group with architecture by Stonehill Taylor. Four new eating and drinking venues overseen by Tao Group Hospitality include Cathédrale, a French-Mediterranean restaurant from Chef Jason Hall; Little Sister, an underground lounge; the all-day Alphabet Bar & Cafe in the lobby; and a rooftop bar opening this spring.
C-PACE Deal Closes on Hyatt Regency Salt Lake City
CleanFund Commercial PACE Capital Inc. and Salt Lake City revealed financing on the city’s new Hyatt Regency hotel which closed on Dec. 30, 2019. The $54.7 million in Commercial Property Assessed Clean Energy (“C-PACE”) contribution provided by CleanFund will fund sustainable upgrades in the new hotel. It also sets a record for the single largest amount ever financed by C-PACE nationally.
Opening in 2022, the Hyatt Regency Salt Lake City will have 700 rooms and serve as the Salt Palace Convention Center’s on-site hotel. CleanFund’s contribution to the $377 million in total project costs will be used to fund C-PACE-eligible energy-efficiency improvements such as heating and cooling systems, interior lighting and equipment, fans, heat rejection, pumps and water systems. As a result, the hotel’s energy performance is projected to exceed the energy code compliance level by more than 20%.
Borealis Hotel Group Welcomes THCP as Preferred Capital Partner
Borealis Hotel Group has welcomed Three Hills Capital Partners (THCP) as its preferred capital partner to support the ongoing expansion of the platform and deliver the pipeline of opportunities in the European hospitality sector. The THCP Benelux team is well known to the founder, Bart van de Kamp, from previous transactions.
THCP will work alongside CEO/Founder Bart van de Kamp, Co-founder Lodewijk van der Meulen and the group’s senior management team to help drive the business’ domestic and pan-European expansion strategy. THCP is an investment house providing tailored capital solutions to mid-market companies and has made available a growth investment from its third fund, Three Hills Capital Solutions III, to the group.