HSF Originates $67M Construction Loan in Las Vegas, NV

DALLAS – November 20, 2023 – HALL Structured Finance (HSF) announced today that the company has originated a $67 million construction loan for the development of the dual-branded AC Hotel by Marriott Symphony Park and Element by Westin Symphony Park in Las Vegas, Nevada. The groundbreaking is set for January 2024 with opening slated for late 2025. The developer is Dallas-based Jackson-Shaw.

“HSF prioritizes the importance of collaborating with strong brands like Marriott and Westin, who, in this case, are creating a vital connection point within the city’s downtown district,” said Brad Ferguson, Vice President of HALL Structured Finance and the loan originator. “The long-term success of this dual-branded hotel is reinforced by partnering with a top tier developer like Jackson-Shaw, a firm known for its successful properties across the country, including the Renaissance Las Vegas.”

The 261,530-square-foot building will include 441 guest rooms. At the AC Hotel by Marriott Symphony Park, 322 guestrooms feature the brand’s clean lines, marrying sophisticated European style with a modern feel. The Element by Westin Symphony Park includes 119 rooms designed for the longer-stay guest. The development will feature 18,025 square feet of flexible ballroom and meeting space, and seven entertainment suites with an outdoor pool and terrace.

Symphony Park is a master planned, 61-acre mixed-use development located approximately two miles north of the famous Las Vegas strip and six miles north of Harry Reid International Airport.

“We are very pleased to partner with HALL Structured Finance.  Over the past five years, while developing the AC Hotel by Marriott and Element by Westin Symphony Park, we encountered significant shifts in the capital markets,” says Jackson-Shaw President and CEO Michele Wheeler. “HALL understood these challenges not only from a financing perspective but also from the hospitality side of the business. Commitment and creative solutions were what we needed, and Hall Structured Finance delivered.”

Jackson Shaw is a national real estate development company with more than 50 years of experience developing real estate projects with a heavy focus on hospitality. Since its founding in 1972, the company has developed more than 63 million square feet of primarily hospitality and industrial projects.

HSF is targeting $750 million in new construction and bridge loans in 2023, largely in the hotel and multifamily sectors.

Read the full press release here.