Reset Hotel, a new hotel set to open in Twentynine Palms near the North Entrance of Joshua Tree National Park, has begun construction with $11.2 million in financing from PACE Loan Group (PLG). The loan will cover various improvements such as plumbing, HVAC systems, electrical work, lighting upgrades and seismic measures. Along with a first mortgage of $7.5 million dollars,the 30-year C-PACE loan will help bring this project to fruition.
The hotel is located at 7000 Split Rock Ave and is expected to open its doors by early 2025 using innovative modular techniques that significantly reduce construction time. Once completed,the property will be managed by Sightline Hospitality,a San Francisco-based company specializing in managing independent and unique-branded hotels since its establishment in 2019.
According to PLG CEO Rafi Golberstein,”Given the lack of high-quality lodging options near Joshua Tree National Park,this C-PACE investment supports our vision for an exceptional new addition.” Jacob Roth,Vice President at PLG also provided valuable underwriting expertise for this project.
Adam Wininger,a developer on the team behind Reset Hotel stated,”Knowing our location’s proximity to Joshua Tree,it was important for us not only demonstrate our commitment towards sustainability but also showcase strong financial management.Pace Loan Group made it easy,simplifying the process leading up till closing.”
Joining other industry experts,Pace Loan Group’s Matthew McCormackwill speak at Connect Investment & Finance Conference on October24th ,2023 held at Hyatt Regency O’Hare,Rosemont IL.Register now!
