**IPA Secures $37.9M Construction Loan for Extended Stay Hotel in Mission Valley**
IPA Capital Markets, a division of Marcus & Millichap, has successfully secured $37.9 million in construction financing for the Element by Westin Mission Valley. This 148-key extended-stay hotel is set to be developed in San Diego’s Mission Valley neighborhood.
The financing was arranged by IPA Capital Markets representatives Jordan Ray, Jamie Matheny, Steven Buchwald, and Rachael Krawiecki. It was provided by Fifth Third Bank on behalf of Driftwood Capital, a firm specializing in investment, development, and lending within the hospitality sector.
“Driftwood has done a great job with the existing Marriott Mission Valley, and the new Element by Westin takes it to the next level,” said Ray. “By integrating shared amenities, they’re creating a stronger offering and unlocking even more value in the market.”
Driftwood Capital originally acquired the Marriott Mission Valley and an adjacent development parcel in 2019, with plans to renovate the existing property and later develop an extended-stay hotel. The Element by Westin Mission Valley is expected to be completed by the end of 2026.
