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.”