{"id":1004107015,"date":"2014-11-06T08:48:24","date_gmt":"2014-11-06T16:48:24","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=304656"},"modified":"2020-05-12T01:39:23","modified_gmt":"2020-05-12T09:39:23","slug":"financing-in-place-for-gaslamp-quarter-hotel-montages-1st-pendry-branded-property-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/financing-in-place-for-gaslamp-quarter-hotel-montages-1st-pendry-branded-property-2\/","title":{"rendered":"Financing In Place for Gaslamp Quarter Hotel, Montage\u2019s 1st Pendry-Branded Property"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Construction financing is in place for a $138 million Montage hotel in San Diego\u2019s Gaslamp Quarter. \"\"<\/a> George Smith Partners recently announced that it has arranged $95 million in funding for a partnership of The Robert Green Company and Montage Hotels & Resorts. The 317-key hotel will also mark the debut of Montage\u2019s new Pendry brand.<\/p>\n

Pendry San Diego held a groundbreaking ceremony last month for the new building, which will take shape at 5thand J streets on the former site of a cigar store and parking lot. The site was previously considered as the possible location for a new Marriott Renaissance hotel. The developers are banking on demand generated by the nearby San Diego Convention Center.<\/p>\n

\u201cThis hotel project has been in the works for more than 10 years, with a variety of challenges to overcome,\u201d said George Smith Partners\u2019 Principal Malcolm Davies in a statement. He noted that during the financing process, he drew from his former activity as a developer in the San Diego area.<\/p>\n

\u201cDespite so many competing variables that could have distracted lenders from the value of the hotel, I was able to work with our company\u2019s network of lenders to educate, negotiate and ultimately secure our client the financing they needed to get the project into the construction phase.\u201d<\/p>\n

For more San Diego market data, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Construction financing for a new Montage-branded hotel in San Diego is finally in place. George Smith Partners recently announced that the firm has arranged around $95 million in funding for a partnership consisting of The Robert Green Company and Montage Hotels & Resorts. The venture is planning a brand new property in the city’s downtown Gaslamp Quarter, one of the hospitality hotbeds in San Diego. The hotel development is a $138 million project that will be used as the official debut of the hospitality operator’s latest brand.<\/p>\n","protected":false},"author":41,"featured_media":1004505896,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1608],"tags":[],"class_list":["post-1004107015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-san-diego"],"acf":[],"yoast_head":"\nFinancing In Place for Gaslamp Quarter Hotel, Montage\u2019s 1st Pendry-Branded Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/financing-in-place-for-gaslamp-quarter-hotel-montages-1st-pendry-branded-property-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financing In Place for Gaslamp Quarter Hotel, Montage\u2019s 1st Pendry-Branded Property\" \/>\n<meta property=\"og:description\" content=\"Construction financing for a new Montage-branded hotel in San Diego is finally in place. George Smith Partners recently announced that the firm has arranged around $95 million in funding for a partnership consisting of The Robert Green Company and Montage Hotels & Resorts. The venture is planning a brand new property in the city’s downtown Gaslamp Quarter, one of the hospitality hotbeds in San Diego. 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