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| Rendering of planned Hyatt Centric City Center, formerly Marshall Hotel, Downtown Sacramento, CA |
LOS ANGELES, CA –– HFF announces the $49.66 million construction financing for the redevelopment of the historic Marshall Hotel into the Hyatt Centric City Center, a 172-room, full-service, upscale, boutique hotel in downtown Sacramento, California.
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| Louis 'Satchmo' Armstrong |
The HFF team worked on behalf of the borrower, Presidio Companies, to
secure the senior construction loan with Mosaic Real Estate Investors, along
with one of the largest PACE (Property Assessed Clean Energy) financings on the
West Coast to date with Counterpointe Sustainable Real Estate.
Situated on 0.26 acres at the corner of 7th and L Streets, Hyatt Centric
City Center is directly adjacent to the newly delivered Golden 1 Center, a
concert venue and home to the NBA’s Sacramento Kings.
The hotel is located at the epicenter of Sacramento’s
$1.1-billion investment to transform downtown into a vibrant live-work-play
environment.
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| Billie Holiday |
Additionally, the hotel is seven blocks from the Sacramento Convention Center, which hosts more than 875,000 attendees annually.
The Marshall Hotel, constructed in 1911, is listed as a
landmark in the Sacramento Register of Historical and Cultural Resources for
its historically significant role in Sacramento’s K Street jazz scene from the
late 1920s to the early 1950s.
Located on the
ground floor of the Marshall, The Clayton Club was a stage for countless jazz
musicians, including Louis Armstrong, Billie Holiday and Cab Calloway.
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| Cab Calloway |
The 11-story Hyatt Centric redevelopment, which also
includes the Jade Apartment building, will preserve the two historical facades
of the Marshall Hotel. Expected to be delivered in 2020, the hotel will
feature a restaurant, lounge, rooftop terrace and bar, coffee bar, fitness
center and spa.
According to HFF, “this was a herculean effort from all parties involved
to structure such a complex capitalization, which includes valued municipal
efforts.
"The result will be a long-waited hotel with historical
significance that will be a great addition to the vibrant Downtown Sacramento
revitalization.”
Holliday GP Corp. ("HFF"), California Department of Real Estate
License
#01385740.
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| Old Jade Apartments, Downtown Sacramento, CA |
Presidio has over 20 years of experience in ground up development, deep
renovations and management of operations of virtually every segment of the
hospitality market.
CONTACTS:
MATTHEW
STEWART
CA Lic. # 01956812
HFF Director
(310) 407-2100
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
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