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Bayview PACE Closes $3.5M C-PACE Funding for MO Hotel Expansion
Bayview PACE is providing $3.5 million in C-PACE financing for the construction of an eight-story, 80-room expansion of The Broadway, a Hilton hotel at 1111 East Broadway in Columbia, Missouri. The 73,000-square-foot phase-two tower will also include over 8,500 square feet of new meeting space.
Chesterfield Hotels, Inc. is building the project adjacent to its successful first phase, which opened in 2014 and features a 92,600-square-foot seven-story property with 114 guest rooms, 3,600 square feet of meeting room space, a restaurant, and a bar.
The general contractor on the phase two building is PARIC Corporation of St. Louis. Chesterfield Hotels, founded by David Parmley, owns and operates a number of hotels in St. Louis and Columbia. Bayview PACE’s Commercial Property-Assessed Clean Energy financing (C-PACE) offers favorable and cost-effective terms for improvements in energy, lighting, water systems, and other resiliency components and can be applied to new construction or renovations.
