Arriba Capital closed a $52.5 million ground-up construction loan for a Holiday Inn Express and Staybridge Suites Dual-brand property in Houston’s central business district. The property is being developed and managed by Houston-based Neway Hospitality. The loan was sized to 75 percent loan to cost with a $34.5 million senior loan and $18 million of C-PACE financing.
“The Neway Hospitality group are experienced hotel developers, owners and operators with a deep track record in the Houston market,” Ryan Bosch, principal at Arriba, said in a statement. “The strength of the sponsorship, in conjunction with the A+ site in downtown Houston, made this financing possible in a difficult capital markets environment.”
The property will have 275 guestrooms with traditional and extended-stay options. Building amenities include an outdoor pool, meeting space, full-service bar, fitness center, business center, dining area and an on-site parking garage.
The opening is slated for the fourth quarter of 2025.