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5/24/23
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Welcome Group Inc has secured $36.8 mil in financing for the construction of a 194-key, six-story hotel development in the Playhouse District of Pasadena. The project is located at 550-566 E Colorado Blvd, south of the 210 Fwy and east of Arroyo Pkwy.
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 hotel will feature scenic views from the rooftop lounge, a peloton fitness room, event space and its signature AC Lounge.
The prime Pasadena location is known for its cultural attractions and pedestrian-friendly retail corridor. 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.
Marc Schillinger and Matt Stewart with JLL Capital Markets arranged the three-year loan with two one-year extension options. According to Schillinger, the proposed AC Marriott will be the only branded hotel in the Playhouse District.
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