Reset Hotel, a new hotel currently under construction in Twentynine Palms, California, is set to open in early 2025 with the help of $11.2 million in C-PACE financing from PACE Loan Group (PLG). This funding will be used for various improvements such as plumbing, HVAC systems, electrical work and more. The project will also include a first mortgage loan of $7.5 million.
Located at 7000 Split Rock Ave., this unique hotel is situated near Joshua Tree National Park and will utilize modular techniques to speed up the construction process. Upon completion, Sightline Hospitality – a San Francisco-based company specializing in managing independent and branded hotels – will oversee operations.
According to Rafi Golberstein, CEO of PLG: “Given the lack of high-quality lodging options near Joshua Tree National Park…the C-PACE investment supports our vision for an exceptional addition to the area.” Jacob Roth from PLG provided valuable expertise during underwriting for this project.
Adam Wininger – one of the developers behind Reset Hotel – expressed their commitment towards environmental sustainability by incorporating C-PACE into their financing plan through PACE Loan Group’s assistance: “PACE Loan Group made closing on this deal straightforward and hassle-free.”
Don’t miss out on hearing from experts like Matthew McCormack from PACE Loan Group at Connect Investment & Finance 2023 on Oct.24th at Hyatt Regency O’Hare in Rosemont IL! Register now by clicking here.
