JLL Capital Markets announced that it arranged $36.8 million in construction financing for 550-566 E Colorado BLVD., a 194-key, six-story hotel development in the Playhouse District of Pasadena, California.
JLL represented the developer Welcome Group Inc., to secure the three-year loan with two one-year extension options.
Welcome Group is ecstatic to build a vibrant hotel in the heart of the dynamic Playhouse Village. We are eager to bring a precise attention-to-detail and impeccable service to a discerning market like Pasadena,” said Arjun Shokeen, WG Partner.
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 194-key hotel will also feature scenic views from the rooftop lounge, a peloton fitness room, event space and its signature AC Lounge. The development will only add to the prime Pasadena location known for its cultural attractions and pedestrian-friendly design. 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.
The JLL Capital Markets team was led by Senior Managing Director Marc Schillinger and Senior Director Matt Stewart.
“The proposed AC Marriott will be the newest select service property in Pasadena and the only branded hotel in the Playhouse District,” said Schillinger. “The hotel’s strong brand affiliation, proximity to demand generators, and select-service product offering will allow it to become an ideal choice for leisure and business travellers visiting Pasadena.”