Summary
Part of the Hyatt brand family, the Thompson Hollywood and the tommie Hollywood hotels are adjacent to one another in the heart of Hollywood - located minutes from Sunset Boulevard, Vine Street, and Hollywood Boulevard. The Thompson Hollywood is a 190-key luxury hotel featuring 16 luxury suites, meeting and event space, the well-known rooftop lounge Bar Lis, and The Terrace restaurant, as well as a pool deck with sweeping views of Los Angeles and the Hollywood sign. Sister property, the tommie Hollywood is a 212-key, upscale boutique hotel, featuring a lobby café, fitness center, signature rooftop Mexican restaurant - Ka’teen, as well as the Desert 5 Spot rooftop bar and pool deck, which provide panoramic city views.
Opportunity
$90.4 million in C-PACE proceeds were used to recapitalize a previous construction loan. As part of the recapitalization for the Thompson Hollywood, Nuveen Green Capital provided the Sponsor with $49.0 million in C-PACE financing. For the tommie Hollywood, Nuveen Green Capital provided the Sponsor with $41.4 million in C-PACE financing.
Through Nuveen Green Capital’s C-PACE financing, Machine Investment Group and Taconic Capital Advisors (collectively the “Sponsor”) was able to dramatically lower their average cost of capital for these projects while simultaneously allowing for the continued success of the business plan.
