Hospitality Funding Advises Cambria Hotels Expansion in Napa, California
Palm Beach, FL — Hospitality Funding, Inc. arranged a construction loan for the development of a new Cambria hotel & suites in Napa, Calif. Choice Hotels International, Inc. (NYSE: CHH), one of the world’s largest hotel companies, signed an agreement with franchise partner Stratus Development Partners, LLC on the ground up development expected to open in 2019.
When assessing the transaction, Hospitality Funding considered the following:
The four-story, 90-room Cambria property will be located at 320 Soscol Avenue and the main thoroughfare into downtown Napa, the Silverado Trail and Napa Valley.
The Cambria Hotel Napa is in the heart of California’s wine country and one of the premier winegrowing and producing regions in the world, with immediate access the region’s top attractions, like the Napa Wine Train, downtown Napa, Oxbow Public Market and the Silverado Trail.
The region is home to more than 80,000 acres of vineyards, 400 wineries, acclaimed Michelin-rated restaurants, year-round festivals and many popular activities including hiking, hot-air ballooning, horseback riding, cycling and golfing.
For business travelers, this Cambria property is near Napa’s top employers, including Napa State Hospital, Universal Protection Services and Napa Valley College. The property is also just a short trip from San Francisco and Silicon Valley with convenient highway access and close proximity to three major international airports.
Of the company’s recent success, Hospitality Funding’s Chairman Scott Silver said, “Choice Hotels, Stratus Development, and California’s Napa Valley is a winning combination. The new hotel is managed by a strong leadership team who made the right choice on location, construction, and design. We couldn’t be more excited to have arranged this ground up development.”
About Hospitality Funding
Hospitality Funding, Inc. is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior sponsors to find capital solutions that fit their specific goals for property acquisitions. For more information, please visit www.hospitalityfunding.com.
About Cambria hotels & suites
Cambria hotels & suites makes business travel easier—and more fun—than ever before. Offering modern décor, rooms that feel like an upgrade, and fresh, local cuisine at our Social Circle® restaurant, Cambria makes every guest feel like a VIP. There are currently 29 properties open across the country and more than 50 under development in the U.S. and Canada. To learn more, visit www.cambriahotelsandsuites.com.
About Choice Hotels
Choice Hotels International, Inc. (NYSE: CHH) is one of the world’s largest lodging companies. With more than 6,400 hotels franchised in more than 40 countries and territories, Choice Hotels represents more than 500,000 rooms around the globe. As of September 30, 2016, 745 hotels were in our development pipeline. Our company’s Ascend Hotel Collection®, Cambria® hotels & suites, Comfort Inn®, Comfort Suites®, Sleep Inn®, Quality®, Clarion®, MainStay Suites®, Suburban Extended Stay Hotel®, Econo Lodge®, Rodeway Inn®, and Vacation Rentals by Choice Hotels™ brands provide a spectrum of lodging choices to meet guests’ needs. With more than 28 million members and counting, our Choice Privileges® rewards program enhances every trip a guest takes, with benefits ranging from instant, every day rewards to exceptional experiences, starting right when they join. All hotels and vacation rentals are independently owned and operated. Visit us at www.choicehotels.com for more information.
About Stratus Development Partners, LLC
Stratus Development Partners, LLC (“Stratus”) is a full-service real estate firm. Together the highly talented team of principals encompass over 40 years of institutional development experience in origination, entitlement, repositioning and management focused on value-added strategic acquisitions and innovative developments. Over the last 18 years, Stratus’ principals have successfully entitled, developed, built, renovated and redeveloped over 26 communities representing 2,771 units in core markets of Southern California. To learn more, visit http://www.stratusdev.com/company.