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IPA Secures Construction Loan for Extended Stay Hotel in Mission Valley
IPA Capital Markets, a division of Marcus & Millichap, has secured $37.9 million in construction financing for the Element by Westin Mission Valley, a 148-key extended stay hotel located in San Diego’s Mission Valley neighborhood.
Jordan Ray, Jamie Matheny, Steven Buchwald, and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank on behalf of Driftwood Capital, an investment, development and lending platform specializing in hospitality properties.
“Driftwood has done a great job with the existing Marriott Mission Valley, and the new Element by Westin takes it to the next level,” said Ray. “By integrating shared amenities, they’re creating a stronger offering and unlocking even more value in the market.”
The Marriott Mission Valley and an adjacent development parcel were purchased in 2019, with plans to renovate the existing property and later develop an extended-stay hotel. The Element by Westin Mission Valley is expected to be completed by the end of 2026.
- ◦Financing
