JLL sources $36.8M financing for new Pasadena hotel project

JLL Capital Markets has arranged $36.8 million in construction financing for 550-566 E Colorado Blvd., a 194-key, six-story hotel development in the Playhouse District of Pasadena, CA.

JLL represented the developer Welcome Group Inc.(WG), to secure the three-year loan with two one-year extension options.

“Welcome Group is ecstatic to build a vibrant hotel in the heart of the dynamic Playhouse Village,” said Arjun Shokeen, partner, WG. “We are eager to bring a precise attention-to-detail and impeccable service to a discerning market like Pasadena.”

Slated for completion in 2025, the hotel will operate as an AC Hotel by Marriott. The hotel will feature scenic views from the rooftop lounge, a Peloton fitness room, event space and its signature AC Lounge.

The JLL Capital Markets team was led by Senior Managing Director Marc Schillinger and Senior Director Matt Stewart.

“The proposed AC Marriott will be the newest select-service property in Pasadena and the only branded hotel in the Playhouse District,” said Schillinger. “The hotel’s strong brand affiliation, proximity to demand generators, and select-service product offering will allow it to become an ideal choice for leisure and business travelers visiting Pasadena.”