X-Caliber Holdings recently completed its first Rural PACE-X transaction, securing $26.3 million in financing for the construction of a new hotel in Silverthorne, Colorado.
The 111-room hotel will be operated under the Holiday Inn Express brand by IHG Hotel & Resorts and is being developed by REV Development.
The financing includes $20 million in conventional senior-secured funding from an affiliate of X-Caliber Rural Capital and $6.3 million through CastleGreen Finance’s Commercial Property Assessed Clean Energy (C-PACE) program.
The conventional funds will cover construction costs for up to five years until stabilization, while the C-PACE funds offer long-term financing with prepayment options at the borrower’s discretion.
Silverthorne’s new Holiday Inn Express is expected to open its doors in 2025 as part of REV Development’s mixed-use development strategy that often includes hotels or multi-family components. In fact, over the past five years alone, REV Development has successfully developed or co-developed more than 15 hotels with a combined value of over $300 million.
