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Arriba! Houston Hotel Developer Secures $52M Hotel Construction Loan
Arriba Capital recently closed a $52,500,000 ground-up construction loan for a Holiday Inn Express and Staybridge Suites Dual-brand property in the Central Business District of Houston. The property is being developed and managed by Houston-based Neway Hospitality. The loan was sized to 75% loan to cost with a $34,500,000 senior loan and $18,000,000 of C-PACE financing.
The property, located at 1319 Texas Avenue is the site where the old Allnoch Dry Goods Building was. It had to be leveled for the project to move on.
The two hotels will feature 275 guest rooms consisting of traditional and extended stay options. The two hotels will share the amenities, which include an outdoor pool on the 5th floor, meeting space, full-service bar, fitness center, business center, dining area for complimentary breakfast, and on-site parking garage. The opening of the hotels is expected in fourth quarter of 2025.
Connect Texas Multifamily 2023 will take place on Aug. 22, 2023 at Virgin Hotel in Dallas. Click here for more information and to register.
- ◦Development
- ◦Financing
