{"id":1004215155,"date":"2018-03-29T23:49:06","date_gmt":"2018-03-30T07:49:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004215155"},"modified":"2022-12-08T17:08:10","modified_gmt":"2022-12-09T01:08:10","slug":"new-pod-hotel-lands-construction-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-pod-hotel-lands-construction-loan\/","title":{"rendered":"Meridian Arranges $54M for New Pod Hotel"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004215170\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004215170\" data-attachment-id=\"1004215170\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-pod-hotel-lands-construction-loan\/pod-philadelphia\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg\" data-orig-size=\"2199,1651\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Pod Philadelphia\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Pod Philadelphia&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?w=1024\" class=\"wp-image-1004215170 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg\" alt=\"Pod Philadelphia\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg 2199w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=768,577 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=1024,769 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=1536,1153 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=2048,1538 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=150,113 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=696,523 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=1068,802 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=1920,1442 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=559,420 559w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=80,60 80w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-e1522394998209.jpg?resize=265,198 265w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004215170\" class=\"wp-caption-text\">Pod Hotel Philadelphia<\/p><\/div>\n<p>Meridian Capital Group has helped pave the way for a new micro-hotel to hit the market in Philadelphia. Acting on behalf of development partners Modus Hotels and Parkway Corp., the commercial real estate finance and advisory firm recently arranged $53.5 million in construction financing for Pod Philadelphia, a 252-key micro-hotel.<\/p>\n<p>Pod Philadelphia will pop up at 31 S. 19th St., smack in the middle of Center City. The 11-story tower will be the first property in Philly to fly the Pod flag. The 11-year-old micro-hotel brand focuses on providing guests with tech-centric boutique hotels emphasizing smaller rooms\u2014efficiently-designed chambers ranging from 60 to 120 square feet\u2014and vibrant communal spaces in premier locations.<\/p>\n<p><em>\u201cThis is evidence that good deals, with good sponsors, can get done in this difficult construction financing environment,\u201d<\/em> Adam Gollance, CFO of Modus Hotels, said in a prepared statement.<\/p>\n<div id=\"attachment_1004215173\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004215173\" data-attachment-id=\"1004215173\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-pod-hotel-lands-construction-loan\/pod-philadelphia-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg\" data-orig-size=\"2199,1651\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Pod Philadelphia &#8211; 2\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Pod Philadelphia &#8211; 2&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?w=1024\" class=\"wp-image-1004215173 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg\" alt=\"Pod Philadelphia - 2\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg 2199w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=768,577 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=1024,769 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=1536,1153 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=2048,1538 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=150,113 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=696,523 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=1068,802 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=1920,1442 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=559,420 559w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=80,60 80w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Pod-Philadelphia-2-e1522395096148.jpg?resize=265,198 265w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004215173\" class=\"wp-caption-text\">Pod Hotel Philadelphia<\/p><\/div>\n<p>Meridian landed a 36-month, non-recourse construction loan for Pod Philadelphia. <em>\u201cOur success on this transaction was primarily due to Parkway and Modus\u2019 stellar reputation built over decades,\u201d<\/em> Morris Betesh, senior managing director with Meridian Capital Group, said in prepared remarks. <em>\u201cMeridian was able to source a new capital provider to the market and use the firm\u2019s collective knowledge to negotiate competitive terms for the client.\u201d<\/em><\/p>\n<h2>Major micro-growth<\/h2>\n<p>The Pod Hotels portfolio is quickly expanding. Currently, there are three Pods in Manhattan, including <a href=\"https:\/\/www.commercialsearch.com\/news\/pod-hotels-coming-to-times-square\/\">Pod Times Square<\/a>, another in Brooklyn and the newest capsule hotel is located in Washington, D.C. <em>\u201cThe urban micro concept is still a new one, but some of this trend is being driven by rapidly rising construction costs\u2014smaller rooms make the development returns more attractive,\u201d<\/em> Michael Bellisario, senior research analyst with financial services firm Robert W. Baird &amp; Co., told <em>Commercial Property Executive<\/em>. <em>\u201cAlso, in New York City,\u00a0for example, guests don\u2019t spend much time in their rooms, so why do you need large, lavish rooms when you\u2019re really only sleeping in them?\u201d<\/em><\/p>\n<p>Pod is just one of a growing group of new boutique micro-hotel brands. Other players in this niche lodging segment include CitizenM, Tommie Hotels and Yotel. Big names are in the game, too; Marriott launched its Moxy brand in 2014.<\/p>\n<p><em>\u201cDemand for boutique\/lifestyle hotels is high. The big brand companies recognize this, and they\u2019ve introduced a handful of soft brands over the years to keep up with changing customer preferences,\u201d<\/em> Bellisario said. <em>\u201cOften, especially in urban markets, customers are looking for a hotel with a local feel and an environment that is fun and unique.\u201d<\/em><\/p>\n<p><em>Renderings courtesy of\u00a0Modus Hotels<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Clients Modus Hotels and Parkway Corp. will utilize the financing to develop Pod Philadelphia, an 11-story, 252-key micro-hotel. <\/p>\n","protected":false},"author":969,"featured_media":1004508691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21751,21742,10,1494],"tags":[33375,39588,34045],"class_list":["post-1004215155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-hotel","category-latest","category-northeast","category-philadelphia","tag-meridian-capital-group","tag-modus-hotels","tag-parkway-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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