Lending Portfolio
Transaction Details
Marriott Courtyard and Residence Inn in Sand City, California is a 139,660-square-foot building that will include 215 guest rooms. The Courtyard by Marriott’s 127 guestrooms will feature the brand’s clean lines, marrying beach style with a modern feel while Resident Inn by Marriott’s 88 rooms are designed for the longer-stay guest. The property is located a short walking distance from the beach and three miles from downtown Monterey, California, one of the top drivable leisure destinations in the country averaging 4.6 million visitors per year.
Deal Basics
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location
Sand City, CA
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loan amount
$39 Million
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loan type
Construction Loan
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property type
Hotel