Houston, April 15, 2024–(BUSINESS WIRE)–Lone Star Pace, the lead administrator of Texas' real estate assessment clean energy program, today announced that a 17-story dual-brand hotel is planned for downtown Houston. announced that it facilitated $11.3 million in C-PACE financing.
The 275-room Holiday Inn Express/Staybridge Suites will replace a 20,000-square-foot parking garage at 1319 Texas Avenue. The property includes 275 guest rooms, 391 square feet of meeting space, and numerous luxury amenities. It will also include 2,000 square feet of ground floor retail.
Lone Star Pace secured the financing in partnership with project sponsor Neway Hospitality, an experienced hotel developer, owner and operator with an extensive track record in the Houston market. Proceeds will be used to fund a number of sustainable upgrades, including improvements to the building's exterior, electrical and mechanical systems, and HVAC.
“We are excited to partner with Neway Hospitality and lower development costs through the use of C-PACE,” said Lee McCormick, president of Lone Star PACE. -PACE offers favorable terms, but it also paves the way to a greener future by giving property owners access to sustainable upgrades without upfront costs. It’s helpful.”
Commercial Property Assessed Clean Energy (C-PACE) is a low-cost, long-term financing mechanism that provides up to 100% financing for energy efficiency, renewable energy, and water conservation upgrades. Property owners can use C-PACE to finance building renovations or new construction through special local property tax assessments.
“In a tight debt market, finding innovative ways to fill the capital stack is critical to getting projects across the finish line,” said Ali Momin, president of Neway Hospitality. Thanks to our partnership, we were able to leverage the funds.” C-PACE not only bridges the financing gap, but also helps hotels take energy-efficient measures to remain resilient for years to come. ”
About Lone Star PACE
Lone Star PACE serves as the program administrator for the Texas Cities and Counties Commercial Property Assessment Clean Energy (C-PACE) program. We help local governments, economic development corporations, chambers of commerce, and trade associations achieve economic development and conservation by facilitating C-PACE projects with property owners, PACE lenders, contractors, and other stakeholders. We will help you promote this. Our goal is to promote energy and water savings and increase property value while positively impacting cash flow and utility savings for property owners.
About New Way Hospitality
Neway Hospitality is a leading developer, owner and operator of top hotels in the United States. Renowned for fostering a culture of excellence and innovation, the Houston-based company delivers projects that integrate cutting-edge technology and push the boundaries of traditional hospitality. , sustainable practices and immersive storytelling that redefines the guest experience.
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contact address
lee mccormick
president
lmccormick@lonestarpace.com
