HALL Structured Finance Arranges Loan for AZ Hotel Redevelopment
- Sep 14, 2018
HALL Structured Finance has closed on a $53 million construction loan to finance the expansion, flagging, redevelopment and rebranding of CopperWynd Resort in Scottsdale, Ariz. George Smith Partners’ Managing Director Malcolm Davies sourced the financing for the project.
The individual owner of the resort, will redevelop the, transforming it into the 177-key boutique Autograph Scottsdale Resort. The new luxury hotel that will operate under the Marriott Autograph Collection is scheduled for completion by quarter four of 2019.
The current resort, which is situated within the McDowell Mountains at 13225 N. Eagle Ridge Drive, offers guests access to 26,500 square feet of lobby and common area space that includes a full-service luxury spa, two pools, tennis facilities, a large fitness center, a pool cafe and the Flourish Restaurant. The redevelopment will refresh the existing guestrooms and add an additional 145 keys and 12,000 square feet of meeting space.
“This project combined many of the key factors that we look for in a deal, including great location and demand generators, a strong hotel flag, a trusted development team and, in this case, an existing set of attractive amenities and a planned finished product that we expect to thrive in this market,” said Mike Jaynes, president of HALL Structured Finance, in a prepared statement.
Earlier this year, HALL Structured Finance secured a $17.6 million first lien construction loan for the development of an 85-key Aloft Hotel in Glendale, Calif. Michael Tchakmakjian will develop the six-story project, which marks the first Marriott or Starwood branded hotel in the city.
Rendering courtesy of HALL Structured Finance