JLL Capital Markets recently arranged a $36.8 million construction loan for 550-566 E Colorado Blvd., a 194-key, six-story hotel development in the Playhouse District of Pasadena. A JLL team composed of senior managing director Marc Schillinger and senior director Matt Stewart represented the developer, Welcome Group Inc., to secure the three-year loan with two one-year extension options.
The AC Hotel by Marriott is expected to be completed in 2025 and will become an ideal choice for leisure and business travelers visiting Pasadena due to its strong brand affiliation, proximity to demand generators, and select service product offering. Schillinger commented on this saying “The proposed AC Marriott will be the newest select service property in Pasadena and the only branded hotel in the Playhouse District.”
This financing demonstrates JLL’s ability to provide comprehensive capital markets solutions that meet clients’ needs across all asset types throughout their real estate investment lifecycle.
