PACE Equity recently completed funding for the largest new PACE construction project in Ohio, a highly sustainable new Homewood Suites and Hilton Garden Inn to be constructed in Easton. The project reflects the developer’s commitment to the environment while meeting demands of the new generation of green travelers. The 175,000 square-foot, 240-key hotel takes advantage of the latest innovations in sustainable design and building technology making a significant difference in both its environmental impact and cost of operation.
PACE Equity funded 22 percent of the capital stack, approximately $10.4 million out of a $47.5 million dollar capitalization. The construction lender provided another $26.25 million, and developer Middletown Hotel Management Company, Inc. contributed the remainder.
“There is a direct correlation between environmental benefits and economic benefits. Sustainability today is a best building practice” said Har Bhatnagar, President and CEO of Middletown Hotel Management Company, Inc. “Integrating green building strategies into the design and construction of the Homewood Suites and Hilton Garden Inn makes good business sense and PACE Equity is helping us meet our clean energy goals.”
The environmentally responsible aim of the new build was a natural fit to utilize PACE Equity funding, which provides low-cost private capital to building projects including projects with sustainable energy goals.
From a sustainability perspective, the Homewood Suites and Hilton Garden Inn is a remarkable project. Its design incorporates a highly optimized HVAC system that includes energy recovery make-up air technology and a geothermal system. It features a high-performance building envelope, has complete interior and exterior LED lighting, and uses low-flow plumbing fixtures throughout.
The new Homewood Suites and Hilton Garden Inn will fulfill the need for a high-quality hotel space in the trendy Easton Town Center to further accommodate the 26 million visitors the district receives each year. Offering extended stays as a home away from home, and shorter visits in an open, inviting atmosphere.
“Middletown Hotel Management Company is a very well organized and sophisticated developer,” said David Oliverio, the Greater Cincinnati Area Market Leader for PACE Equity. “We thoroughly enjoyed working with their highly professional team bringing this new, eco-friendly hotel development to Easton Town Center.”
To learn more about how much investors were able to improve their investor return rate (IRR) and multiple of invested capital by, read our case study.
About PACE Equity
PACE Equity is the leading project developer and funder of CPACE projects. By utilizing PACE Equity’s turnkey approach to PACE projects, building owners and developers across the country work with PACE Equity on renovation, redevelopment and new construction projects. PACE Equity has a local presence in 20 PACE markets nationally and committed capital for projects. For more information on PACE Equity in Kentucky or Ohio, contact David Oliverio at (513)-546-2941 or email@example.com. For information on PACE Equity, please contact Ethan Elser at (414)-446-3645 firstname.lastname@example.org or visit www.pace-equity.com.
What is PACE?
PACE, which stands for Property Assessed Clean Energy, is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more. It can be used for almost any property – commercial, industrial, multifamily, non-profit, and agricultural properties.
PACE is designed to breakdown longstanding barriers to energy efficiency, as well as creating jobs.