Financing In Place for Gaslamp Quarter Hotel, Montage’s 1st Pendry-Branded Property
- Nov 06, 2014
Construction financing is in place for a $138 million Montage hotel in San Diego’s Gaslamp Quarter. George Smith Partners recently announced that it has arranged $95 million in funding for a partnership of The Robert Green Company and Montage Hotels & Resorts. The 317-key hotel will also mark the debut of Montage’s new Pendry brand.
Pendry San Diego held a groundbreaking ceremony last month for the new building, which will take shape at 5thand J streets on the former site of a cigar store and parking lot. The site was previously considered as the possible location for a new Marriott Renaissance hotel. The developers are banking on demand generated by the nearby San Diego Convention Center.
“This hotel project has been in the works for more than 10 years, with a variety of challenges to overcome,” said George Smith Partners’ Principal Malcolm Davies in a statement. He noted that during the financing process, he drew from his former activity as a developer in the San Diego area.
“Despite so many competing variables that could have distracted lenders from the value of the hotel, I was able to work with our company’s network of lenders to educate, negotiate and ultimately secure our client the financing they needed to get the project into the construction phase.”
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