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2/02/24
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EKN Development Group and Garn Development have obtained $67.1 mil in construction financing for the development of a 215-key, duel-branded hotel, Marriott Courtyard Residence Inn in Sand City, CA. The financing, which was arranged by JLL Capital Markets, consists of a first mortgage loan of $39 mil from HALL Structured Finance, while Nuveen Green Capital provided a CPACE loan of $28.1 mil.
The 139.7k sf Courtyard by Marriott includes 127 guestrooms and features the brand’s clean lines, combining beach style with a modern feel. The Residence Inn by Marriott includes 88 rooms designed for longer-stay guests. The development will feature 3.1k sf of flexible meeting space, a spacious courtyard with a resort style pool, luxurious cabanas and a fully equipped stage to accommodate live performances and events. The hotel will also include an epicurean experience with an independently branded restaurant and bar.
The property is located along the scenic coast of Sand City. With its prime location, the property benefits from its proximity to Monterey State Beach and Cannery Row. As the only new select-service/extended-stay hotel in the area, it takes advantage of the steady demand generated by attractions such as the Monterey Bay Aquarium, Laguna Seca Raceway, world-class golf courses and stunning landscapes that attract visitors from all over the world.
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