HALL Structured Finance closes $26M financing for California hotel

The 61-room Park James Hotel is expected to open May 2018.

Dallas-based HALL Structured Finance closed a new first lien construction loan totaling $26 million to finance the construction of a new hotel in Menlo Park, Calif.

The new property is the 61-room Park James Hotel, which is being developed by California-based Pollock Realty Corporation. The property is expected to open May 2018.

Once open, the Park James Hotel will consist of a craft kitchen concept, and will include a lobby bar, landscaped courtyard and roughly 1,200 square feet of indoor meeting space. Broughton Hotels of Orange County will manage the property.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“The Park James Hotel presented us with the opportunity to finance a high-quality, luxury boutique hotel product that is in high demand in Menlo Park, minutes from Stanford University and the headquarters of some of the world’s most influential companies in neighboring Palo Alto,” Mike Jaynes, president of HALL Structured Finance, said in a statement. “The hotel market in Menlo Park is currently very strong and we are confident that the Park James will be a great success when it opens next May.”

With the completion of this deal, HSF will have reached a total of $180 million in construction loans throughout 2017. The company provides gap and bridge financing to entrepreneurial real estate owners and developers for new construction, renovations or the repositioning of real estate projects, with an emphasis on the hospitality sector.

Broughton Hotels of Anaheim, Calif., was founded in January 2001 by Larry Broughton. The hospitality management company’s portfolio today includes more than a dozen hospitality projects throughout California and Chicago.

Suggested Articles

The new hotel is a mile from where the brand made its debut in London's Mayfair neighborhood 48 years ago. 

A new report from HVS suggests franchising is gaining popularity across Europe's hotel sector as the big brands seek new markets across the region.

The hotel is set to open in 2022 via a management agreement with Cornerstone Partners Group.