Property Summary
The citizenM Georgetown is a new hotel development in Washington, D.C. Formerly a warehouse, the property is undergoing an extensive renovation and repositioning to become a boutique hotel — part of the Marriott Bonvoy portfolio. Once complete, the modern seven-story hotel will feature 230 rooms and 2,600 square feet of retail space, providing city visitors with distinctive new accommodations. The hotel will be operated by Another Star, the management company for citizenM hotels across the U.S. and Europe.
C-PACE Opportunity
NGC provided $42 million in C-PACE capital to finance the citizenM hotel conversion. By strategically using C-PACE financing to fund key energy and water efficiency measures for the development, the Sponsor, Another Star, was able to capitalize the project cost-effectively, resulting in long-term energy and cost savings while ensuring the asset’s long-term success.
