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August 21, 2018
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Boutique AZ Hotel Undergoes $13 Mil Renovation and $33 Mil Refi

5/24/18

ESI Ventures has renovated and refinanced Hotel Adeline, a 213-room hotel in Scottsdale, AZ. The property, situated on 4.5 acres at 5101 N. Scottsdale Rd, marks the firm’s first venture into the hospitality space.

After concluding a $13 mil renovation to the property, ESI refinanced its development loan and transitioned to a bridge loan totaling $33.2 mil. According to company Executive Vice President Brandon Wolsic, the refi replaced the expensive development debt with more favorable bridge debt and allows them to work towards stabilization.

The re-done boutique hotel features new accents throughout including an eclectic mix of textures, comfortable furniture groupings of leather and wooden pieces atop geometric patterned rugs, sleek metallic fixtures and carefully curated Arizona influenced artwork. Additional details include modern wood furniture with a retro flair, built-in live edge work desks, walk-in rainfall showers, 50-inch LG Smart TVs and complimentary Wi-Fi access throughout the hotel. Additional improvements are scheduled for the near future, allowed for by the new bridge loan’s lowered interest rate.

The boutique hotel includes five 700-square-foot king suites, a full-service Mediterranean-American restaurant and lounge, a fast-casual breakfast and lunch café with a late-night grab-and-go bar, a state-of-the-art fitness center, a 3k sf zero edge pool with trendy pool bar, buzzing communal areas and 1.8k sf of private event space.

Located in Old Town Scottsdale, the property is managed by HRI Lodging, a subsidiary of HRI Properties LLC. The refi was arranged by Malcom Davies with George Smith Partners.





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