Dual-brand Marriott receives $3 million C-PACE loan for construction of new hotel in Columbus, Nebraska

Minneapolis, Minnesota (Oct. 28, 2024) – PACE Loan Group provided $3 million in C-PACE financing for a dual-branded hotel property scheduled to operate as a TownePlace Suites and Fairfield Inn & Suites by Marriott at 5912 Howard Boulevard in Columbus, Nebraska. A regional bank provided a $10.5M first mortgage.

The C-PACE loan will be used to build a 102-key, limited-service, upper-midscale, dual-branded Marriott hotel, with both a Fairfield Inn & Suites and TownePlace Suites operating within the property. C-PACE proceeds will finance energy conservation and renewable energy measures, including high-efficiency HVAC and Domestic Hot Water (DHW) fixtures, low U-factor windows, and interior LED lighting. Renewable and energy conservation measures are expected to save $64,224 annually. Construction is expected to be completed by November 5, 2024.

Of the 102 rooms, 54 will be Fairfield-branded with the remaining 48 branded as TownePlace, with suites targeting business travel and longer stays. The hotel will offer complimentary breakfast, coffee and tea, high-speed internet, a business center, a swimming pool, same-day laundry service, and fitness room. The hotel is connected to the new Harrah’s Columbus Racing & Casino, which opened on May 17, 2024, and has a one-mile horse racing track and 28,000 sq. ft. casino.

“This hotel property offers two great brands under one roof, catering to transient and extended-stay guests. By leveraging the C-PACE financing, the borrower could elevate the efficiency standards in the construction and benefit from reduced operating costs in the future as well as the long-term maturity that comes from C-PACE loans,” said Parag Vipani, vice president – Originations, PACE Loan Group.

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861

About PACE Loan Group

PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. PLG benefits from institutional support with capital from funds managed by AB CarVal, a subsidiary of Alliance Bernstein. The PLG team provides expertise up and down the capital stack, from origination and underwriting to loan servicing. To learn more about PLG, visit www.paceloangroup.com.