PCCP Provides $22M to Recap Charlotte Hotel
- Dec 08, 2017
PCCP has provided a $22.5 million loan to Lowe Enterprises Investors acting on behalf of one of its investment clients, to recapitalize the 175‐key Aloft Hotel at the EpiCentre, in uptown Charlotte, N.C.
Located at 210 E. Trade St. the hotel is on the fifth through 15th floors of the southwest building within a mixed-use entertainment center in the heart of Charlotte’s financial district. The facility was built in 2009 as a cornerstone of the EpiCentre, which features more than 300,000 square feet of office, restaurants, nightclubs and specialty retail outlets. The Aloft features:
- a fitness center
- cafe and bar
- indoor pool
- meeting facility
- full concierge and business services
Aloft is adjacent to the Bank of America world headquarters, with the East Coast operations of Wells Fargo and more than nine million square feet of office, retail and medical space nearby. Entertainment options within walking distance include the NASCAR Hall of Fame, the Spectrum Center, Bank of America Stadium, BB&T Ballpark and the Charlotte Convention Center, which is slated to undergo a $110 million expansion.
“The Aloft is well-located within the heart of a thriving retail, business and entertainment core and we believe this quality asset will only gain in value as customer demand continues to increase over the coming years,” said PCCP Senior Vice President Kevin Chin, in a prepared statement.
This summer, PCCP also provided an $80 million senior loan for a mixed-use project that comprises the 155-key Thompson Hotel and 93 apartment units in Seattle.
Image courtesy of PCCP