Marriott Receives $32.6M Construction Loan for Portfolio of Hotels
Los Angeles-based GreenLake Asset Management LLC (“GreenLake”) has funded a $32,600,000 construction loan for a portfolio of Marriott hotels. The properties will be a TownePlace Suites adjacent to Denver International Airport, opening in early 2023, and a Fairfield by Marriott in central Wyoming, opening in late 2022.
GreenLake continues to see opportunity in the hospitality market as traditional lenders remain cautious in the Covid era. The 113-room TownePlace Suites is located along Tower Road in close proximity to the airport and near the Gaylord Rockies Resort & Convention Center, which includes 485,000 square feet of meeting space. The area is also experiencing a high level of growth in the retail sector, further fueling demand for lodging.
Paul Diamond, chief operating officer at GreenLake stated, “We are excited to work with such a strong and capable Marriott franchisee team. While the borrower has a proven track record and the locations are great, traditional bank lenders were unable to complete the transaction due to continued unease about the sector. However, GreenLake sees this as a great opportunity. Demand at the airport exceeds current capacity and shows no signs of slowing. The airport is in the midst of a $2.1 billion expansion to accommodate current and projected growth, which will support strong performance at this property for years to come.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible, and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office, and retail.