Following a multimillion-dollar construction loan, a mixed-use renovation in downtown San Antonio will break ground on a Curio Collection by Hilton Hotel.
Zachry Hospitality of San Antonio has received a $48.475 million construction loan. This allows the business to move on with plans to create a globally recognised hotel at Hemisfair Park, downtown San Antonio. The hotel will be built on the southeast corner of East Market Street and South Alamo Street. It is set to open by the end of the year.
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CBRE collaborated with Zachry Hospitality to arrange the credit, which Interbank, a major construction lender, guaranteed. Nuveen Green Capital is also tied to the loan. It is part of the commercial property assessed clean energy, or C-PACE, financing. Commercial property owners seeking finance for initiatives involving energy efficiency, water conservation, and renewable energy can apply for C-PACE loans.
Features at the Curio Collection by Hilton Hotel
The hotel is being built two blocks south of the Alamo by Zachry Hospitality. The Curio Collection by Hilton Hotel will have 200 rooms, an on-site restaurant, a café area, and a rooftop bar. Additionally, an underground speakeasy, a terrace pool with cabanas, a spa, fitness centre. Furthermore, a retail shops, a public garden, a ballroom and conference spaces.
“Despite market uncertainty facing hospitality from the COVID-19 pandemic, interest rate increases, and inflationary pressures on construction costs, Zachry maintained its vision and commitment to this project,” stated Frank Piasta, a vice president with CBRE. “Interbank and NGC partnered to create an efficient long-term financing solution for the construction and stabilisation of this iconic asset.”
The Curio Hotel is set to be one of the first buildings to be built as part of the Hemisfair redevelopment. The redevelopment will also contain a mixed-use office block, market, parks, restaurants and retail outlets.
