Colorado hotel project secures financing

US: JLL has secured financing for the development of The Laszlo, a high-end 51-room boutique hotel in Parker, Colorado.

The hotel recently broke ground and is the first phase of development for West End on Mainstreet, a project by developer Mars Hospitality, LLC.

A member of Preferred Hotels, the Laszlo is a four-storey hotel that when complete in the summer of 2019, will feature 14,000 square feet of restaurant, bar, and retail space, including a steak and seafood restaurant, sports bar, martini and oyster bar, diner and tap room. Amenities include a boardroom, meeting space and a rooftop seating area.

The general contractor for the hotel is Superior Builders and the architect is Associated Architects.

JLL managing director Baxter Fain, along with Christina Grimme and Maddy Stevenson, led the JLL team on the financing, secured on behalf of Mars Hospitality. The financing includes a $12,380,000 five-year loan with two years of interest only at 65 per cent loan-to-value and $3,450,000 in joint venture equity through private investors.

“Hotel construction financing in today’s market is getting tougher to do. In this case we have an award-winning development and management team combined with a great site and hotel flag, which all helped get it done,” said Fain. “Raising the joint venture equity took a little time but once everyone saw the metrics and demand for the hotel the equity was oversubscribed.”

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