$36.8M of construction financing arranged for hotel development
JLL Capital Markets sources financing for new Pasadena hotel project
LOS ANGELES, May 22, 2023 – JLL Capital Markets announced that it arranged $36.8 million in construction financing for 550-566 E Colorado BLVD., a 194-key, six-story hotel development in the Playhouse District of Pasadena, California.
JLL represented the developer Welcome Group Inc., to secure the three-year loan with two one-year extension options.
Welcome Group is ecstatic to build a vibrant hotel in the heart of the dynamic Playhouse Village. We are eager to bring a precise attention-to-detail and impeccable service to a discerning market like Pasadena,” said Arjun Shokeen, WG Partner.
Slated for completion in 2025, the hotel will operate as an AC Hotel by Marriott. A lifestyle brand known for modern intuitive design and focus on European-inspired simplicity and sophistication. The 194-key hotel will also feature scenic views from the rooftop lounge, a peloton fitness room, event space and its signature AC Lounge. The development will only add to the prime Pasadena location known for its cultural attractions and pedestrian-friendly design. It is home to a number of restaurants, cafes, and shops, as well as several parks and museums. The location will also attract travellers arriving from LAX, Ontario Airport or Burbank Airport located just 20 minutes away.
The JLL Capital Markets team was led by Senior Managing Director Marc Schillinger and Senior Director Matt Stewart.
“The proposed AC Marriott will be the newest select service property in Pasadena and the only branded hotel in the Playhouse District,” said Schillinger. “The hotel’s strong brand affiliation, proximity to demand generators, and select-service product offering will allow it to become an ideal choice for leisure and business travellers visiting Pasadena.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Welcome Group
Over the past 23 years, Welcome Group has established itself as an award-winning leader within hospitality by building, buying, and operating hotel assets across the continental US. WG partners with best-in-class brands, including Marriott, Hilton, and Hyatt, to deliver exceptional experiences and accommodations to our guests and local communities. Headquartered in Los Angeles, CA, WG is actively growing its national portfolio through both development and acquisition opportunities. For more information, please visit our website at welcomegroupinc.com.