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Published on:

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7 June 2021
Click here for the latest articles on C-PACE Financing.

Hotel Lawyer: Another Commercial PACE (C-PACE) financing closed

The GHG Team worked with a C-PACE financing source to secure an over $10 million loan for the 190-room TETRA hotel, which includes a fitness center, full-service restaurant, and bar, and the 160-room AC Hotel by Marriott in Sunnyvale, CA.

AC-hotels

photo: marriott.com

Hotel: TETRA Hotel, Autograph Collection, and AC By Marriott Sunnyvale Cupertino
Location: Sunnyvale, CA
Size of C-PACE Loan: $10+ million

 

How we can help with Commercial PACE (C-PACE) financing

C-PACE lending has become an important and fast-growing sub-specialty in our hotel finance capabilities. We work with C-PACE providers/lenders and borrowers. In fact, we have been fortunate enough to work with one of the leading providers of C-PACE financing as they expand their national platform.

We welcome inquires to see if we can help you evaluate potential PACE financing opportunities.

Webinar and more on C-PACE financing

To learn more about C-PACE, check out our free on demand webinar, “Why so many are looking at Commercial PACE (C-PACE) financing now.”

You can also find more information on this topic on the Hotel Law Blog under the topic C-PACE Financing. Here are a few select articles and some representative transactions we have handled.

Is C-PACE the “new EB-5″ financing?

Retroactive C-PACE frees hotel investment capital

C-PACE Financing – Now an accepted tool for hotel lenders and borrowers

Should you be looking at Commercial PACE (C-PACE) financing now?

C-PACE Financing Lawyer: New York opening Commercial PACE – a big opportunity!

Some of our deals: C-PACE Financing on a roll!

JMM’s Global Hospitality Group® has helped clients around the world with more than 4,300 hospitality properties worth more than $104.7 billion.

 

Published on:

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1 June 2021
Click here for the latest articles on C-PACE Financing.

Hotel Lawyer: Another Commercial PACE (C-PACE) financing closed

David Sudeck and his team at the Global Hospitality Group® at Jeffer Mangels Butler & Mitchell LLP worked with a C-PACE financing source to secure a $2.3 million loan for the 174-room Tapestry Suncoast Hotel in Anaheim, CA. The property includes a restaurant, meeting space, and outdoor pool.

suncoast

photo: hilton.com

Hotel: : SunCoast Park Hotel Anaheim, Tapestry Collection by Hilton
Location: Anaheim, CA
Size of C-PACE Loan: $2.3 million

 

How we can help with Commercial PACE (C-PACE) financing

C-PACE lending has become an important and fast-growing sub-specialty in our hotel finance capabilities. We work with C-PACE providers/lenders and borrowers. In fact, we have been fortunate enough to work with one of the leading providers of C-PACE financing as they expand their national platform.

We welcome inquires to see if we can help you evaluate potential PACE financing opportunities.

Webinar and more on C-PACE financing

To learn more about C-PACE, check out our free on demand webinar, “Why so many are looking at Commercial PACE (C-PACE) financing now.”

You can also find more information on this topic on the Hotel Law Blog under the topic C-PACE Financing. Here are a few select articles and some representative transactions we have handled.

Is C-PACE the “new EB-5″ financing?

Retroactive C-PACE frees hotel investment capital

C-PACE Financing – Now an accepted tool for hotel lenders and borrowers

Should you be looking at Commercial PACE (C-PACE) financing now?

C-PACE Financing Lawyer: New York opening Commercial PACE – a big opportunity!

Some of our deals: C-PACE Financing on a roll!

JMM’s Global Hospitality Group® has helped clients around the world with more than 4,300 hospitality properties worth more than $104.7 billion.

 

Published on:

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26 May 2021
Click here for the latest articles on C-PACE Financing.

Hotel Lawyer: Another Commercial PACE (C-PACE) financing closed

David Sudeck and his team at the Global Hospitality Group® at Jeffer, Mangels, Butler & Mitchell LLP worked with a C-PACE financing source to close a $23.8 million PACE loan for the 145-room Vista Collina Resort Napa in California, which includes a full-service restaurant, fitness center, tasting rooms, and meeting space.

vista-collina

photo: meritagecollection.com

Hotel: Vista Collina Resort Napa, part of the Meritage Collection
Location: Napa, CA
Size of C-PACE Loan: $23.8 million

 

How we can help with Commercial PACE (C-PACE) financing

C-PACE lending has become an important and fast-growing sub-specialty in our hotel finance capabilities. We work with C-PACE providers/lenders and borrowers. In fact, we have been fortunate enough to work with one of the leading providers of C-PACE financing as they expand their national platform.

We welcome inquires to see if we can help you evaluate potential PACE financing opportunities.

Webinar and more on C-PACE financing

To learn more about C-PACE, check out our free on demand webinar, “Why so many are looking at Commercial PACE (C-PACE) financing now.”

You can also find more information on this topic on the Hotel Law Blog under the topic C-PACE Financing. Here are a few select articles and some representative transactions we have handled.

Is C-PACE the “new EB-5″ financing?

Retroactive C-PACE frees hotel investment capital

C-PACE Financing – Now an accepted tool for hotel lenders and borrowers

Should you be looking at Commercial PACE (C-PACE) financing now?

C-PACE Financing Lawyer: New York opening Commercial PACE – a big opportunity!

Some of our deals: C-PACE Financing on a roll!

JMM’s Global Hospitality Group® has helped clients around the world with more than 4,300 hospitality properties worth more than $104.7 billion.

 

Published on:

By

18 May 2021

Click here for the latest articles on C-PACE Financing.

Over the past five years, Commercial PACE (or C-PACE) financing has gained wider acceptance and moved from a novel technique to a mainstream practical solution for financing. For more background on what C-PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see C-PACE Financing – Now an accepted tool for hotel lenders and borrowers.

Now that New York City has released guidelines for C-PACE financing, there are even more opportunities to make the most of this strategy–see our post on the upcoming rules here.

The GHG team recently closed a $5.8 million Commercial PACE (C-PACE) loan for the 103-room Fairfield by Marriott Inn & Suites in Camarillo, CA, which includes a fitness center with outdoor pool and meeting space.

fairfield-marriott

photo: marriott.com

Hotel: Fairfield by Marriott Inn & Suites Camarillo
Location: Camarillo, CA
Size of C-PACE Loan: $5.8 million

 

How we can help with Commercial PACE (C-PACE) financing

C-PACE lending has become an important and fast-growing sub-specialty in our hotel finance capabilities. We work with C-PACE providers/lenders and borrowers. In fact, we have been fortunate enough to work with one of the leading providers of C-PACE financing as they expand their national platform.

We welcome inquires to see if we can help you evaluate potential PACE financing opportunities.

Webinar and more on C-PACE financing

To learn more about C-PACE, check out our free on demand webinar, “Why so many are looking at Commercial PACE (C-PACE) financing now.”

You can also find more information on this topic on the Hotel Law Blog under the topic C-PACE Financing. Here are a few select articles and some representative transactions we have handled.

Is C-PACE the “new EB-5″ financing?

Retroactive C-PACE frees hotel investment capital

C-PACE Financing – Now an accepted tool for hotel lenders and borrowers

Should you be looking at Commercial PACE (C-PACE) financing now?

C-PACE Financing Lawyer: New York opening Commercial PACE – a big opportunity!

Some of our deals: C-PACE Financing on a roll!

JMBM’s Global Hospitality Group® has helped clients around the world with more than 4,300 hospitality properties worth more than $104.7 billion.

Published on:

By

13 May 2021

Click here for the latest articles on C-PACE Financing.

Why so many are looking at Commercial PACE
(C-PACE) financing now

Is C-PACE financing for you?

Commercial PACE financings have topped $1.5 billion and are still growing. Should you be considering it for your hotel or other commercial real estate? Join us for a condensed, 30-minute program to help you evaluate whether this financing program is right for your property, how it can be used, and what to expect in the next few years.

This free webinar took place on Tuesday, June 22, 2021 at 10:30 AM PDT / 1:30 PM EDT. To access an on demand recording, click here.

Led by JMBM’s PACE team leader and an executive at one of the leading national C-PACE providers, our webinar explores:

  • Advantages and challenges of C-PACE financing
  • Current national trends and developing opportunities
  • How C-PACE financing could provide liquidity and funding for commercial real estate, particularly for hotels, restaurants and resorts
  • Where and how you can use C-PACE financing, including: qualifying properties and expenditures; retroactive loans; new construction; and renovations of existing properties
  • Which 36 states have approved C-PACE, where it’s most active, and where we see it going next
  • Recent regulatory developments that will open up New York for C-PACE

CONTINUE READING →

Published on:

By

4 May 2021

Click here for the latest articles on C-PACE Financing.

Over the past five years, Commercial PACE (or C-PACE) financing has gained wider acceptance, and moved from a novel technique to a mainstream practical solution for financing. For more background on what C-PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see C-PACE Financing – Now an accepted tool for hotel lenders and borrowers.

Now that New York City has released guidelines for C-PACE financing, there are even more opportunities to make the most of this strategy–see our post on the upcoming rules here.

David Sudeck and his team at the Global Hospitality Group® at Jeffer, Mangels, Butler & Mitchell LLP handled a $42 million Commercial PACE loan for the 315-room citizenM hotel in Downtown Los Angeles. The property includes a restaurant, meeting space, and a 24-hour fitness center.

citizenM

photo: citizenm.com

Hotel: citizenM Los Angeles Downtown
Location: Downtown Los Angeles, CA
Size of C-PACE Loan: $42 million

CONTINUE READING →

Published on:

By

30 April 2021

Click here for the latest articles on C-PACE Financing, as well as other Hotel Finance strategies.

Commercial PACE (C-PACE) financing guidelines are finally available for New York City, and while the program has not officially launched yet, hotel owners and developers in the area should start planning how to use these loans to retrofit their properties. My Partner David Sudeck discusses the program requirements, below.

 

New York City Releases Commercial PACE Program Guidelines :
A Big Step Toward Opening a Big Market for C-PACE Financing

by
David A. Sudeck, Partner & Senior Member of
JMBM’s Global Hospitality Group®

The NYC Commercial PACE Financing Program has finally released its program guidelines! Prospective qualified C-PACE lenders are now carefully reviewing the guidelines, applying for approval to be a C-PACE lender in New York City, and seeking projects that may benefit from C-PACE financing. It is time to get ready, but the official launch date for the program is being delayed a bit and has not yet been set. We expect the launch soon.

New York’s Law Will Motivate Building Owners to Reduce Greenhouse Gas Emissions

While C-PACE financing has been available throughout the country for years, the C-PACE program for New York State was enacted in 2019 as part of the Climate Mobilization Act. As part of that law, Local Law 97 (which has been subsequently amended by Local Law 147 and Local Law 95), established greenhouse gas emission limitations for certain large buildings in New York City. Buildings covered by the law will be required to report greenhouse gas emissions commencing in 2024, and penalties will be assessed for exceeding the established limitations. The legislature enacted the law with the expectation that it will be more expensive to pay the penalties than to renovate the building to reduce emissions.

New York’s C-PACE Program Will Provide the Financing to Retrofit Buildings

The State’s Commercial PACE Program was then concurrently implemented to provide building owners with a low-interest (usually around 6+/-%), long-term (usually 20-30 year amortization) financing option to support the required energy efficiency retrofits and to support renewable energy projects generally. It is also a form of financing that will result in significant mortgage tax savings (there is not mortgage recorded with C-PACE Financing) and other benefits. CONTINUE READING →

Published on:

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28 April 2021

Click here for the latest articles on Hotel Franchise & License Agreements.

After a year of economic upheaval in the hospitality industry, hotels are making big changes as they look ahead to recovery. Oftentimes these changes involve a complete rebrand, and this leads to questions about what is negotiable in a franchise agreement. In the article below, Bob Braun, senior member of JMBM’s Global Hospitality Group® and Co-Chair of the Firm’s Cybersecurity & Privacy Group, talks about 5 important franchise terms that can usually be negotiated.

Hotel Franchise Lawyer: 5 Things to Negotiate
in your next Franchise Agreement

by Bob Braun

To say that the past year has been a shock to the hospitality industry is a gross understatement. While many believe that a recovery is in sight – even if requires high-powered binoculars to see – most properties are being forced to re-evaluate their status and prospects. Many hotel owners – and brands – are re-evaluating whether a current brand is the right brand. While many hotels did well simply because of the surging economy during the long post-recession boom, the new normal, whatever it may be, requires that hotel owners, operators and brands rethink whether what was right in 2019 is right in 2021 (and will be right for the next ten years).

As a result, many hotels are changing their brands and management. This may be the impact of lenders foreclosing on properties, changes in ownership, and increasingly, the mutual agreement of a brand and a hotel owner that the brand may not be the optimal operator, or the brand may not be the optimal brand for the property.

During this time of change, it’s important to reacquaint ourselves with some of the basics of hotel franchising.

What’s really negotiable in a franchise agreement?

The most common question we hear from clients is, “What’s really negotiable in a franchise agreement?” While brands take the position franchise agreements are not negotiable, our experience with hundreds of hotel franchise agreements is that there knows that there is wiggle room to get some important concessions if you know what to go for and don’t waste your effort where it won’t do any good. CONTINUE READING →

Published on:

By

27 April 2021

Click here for the latest on labor and employment guidance.

As coronavirus cases drop and economic activity starts to return to normal, the hospitality industry will soon be able to begin replacing workers who were laid off due to the pandemic. Some cities in California, and now the entire state, have enacted requirements for how hotels and other businesses can fill open positions; my partner, Travis Gemoets, has summarized the new law below.

California hospitality workers laid off during COVID-19 pandemic get rehire rights

by
Travis M. Gemoets, Partner & Senior Member of
JMBM’s Global Hospitality Group®

On Friday, April 16, 2021, Gov. Gavin Newsom put new employer obligations into law by signing Senate Bill 93, requiring hotel, event center, airport hospitality and janitorial employers to first rehire workers laid off during the pandemic when jobs become available, essentially establishing “recall rights” more commonly associated with union collective bargaining agreements. Senate Bill 93 takes effect immediately after quickly making its way through the Legislature as a budget trailer bill and will be in effect until the end of 2024. Gov. Newsom vetoed a more expansive labor-backed bill last year.

CONTINUE READING →

Published on:

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23 April 2021
See how JMBM’s Global Hospitality Group® can help you.
Click here for the latest articles on C-PACE Financing.

Hotel finance lawyer: Commercial PACE (C-PACE) Financing is now mainstream

Over the past five years, Commerical PACE (C-PACE) financing has gained wider acceptance, and moved from a novel technique to a mainstream practical solution for financing. For more background on what C-PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see C-PACE Financing – Now an accepted tool for hotel lenders and borrowers.

Our lawyers are at the leading edge of this important new trend. And we think that sharing some of our client’s successes with C-PACE financing may help others evaluate this tool for their own needs. So this is one in a series of successful C-PACE financing closings.

David Sudeck of the Global Hospitality Group® at Jeffer, Mangels, Butler & Mitchell LLP recently worked with a C-PACE financing source to close a retroactive $6 million PACE loan for the 105-room Kimpton La Peer Hotel in West Hollywood, CA. The property includes a full-service restaurant, pool and rooftop deck.

la-peer-lobby-150x150

photo: lapeerhotel.com

Hotel: Kimpton La Peer
Location: West Hollywood, CA
Size of C-PACE Loan: $6 million

CONTINUE READING →

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