CHARLESTON, S.C., March 23, 2021 /PRNewswire/ -- Canyon Partners Real Estate LLC ("Canyon") today announced it has provided a $25.2 million loan to a joint venture between Opterra Capital ("Opterra") and The Montford Group ("TMG") for the construction of a 7-story select-service Moxy hotel located in Charleston, South Carolina. Featuring 131 guest rooms, the hotel construction is expected to commence immediately, and is scheduled to open in late 2022. The transaction was facilitated by Hodges Ward Elliott.
The Charleston Moxy hotel is located in the Upper Peninsula District, a rapidly evolving submarket, less than a mile north of the renowned Historic District, and easily accessible to Charleston International Airport. The Moxy will be an attractive destination for tourists and Charleston residents alike, featuring a rooftop bar and restaurant, first-floor café, large meeting space, and lobby bar and lounge.
"Charleston is one of the most desired tourist destinations in the country given its accessibility, renowned restaurant scene, and plethora of sights and entertainment," said Sunju Patel of The Montford Group. "We see the opportunity to bring lifestyle hospitality to urban areas in secondary markets. There is a need and we want to satisfy that."
"We are excited to partner with Canyon and continue to service the growing hospitality sector in this bustling city," said Glenn Alba of Opterra Capital. "Commencing construction now will position us well for the expected recovery in leisure and business travel in the next 18 months."
Moxy Hotels are affiliated with Marriott International and the Charleston Moxy will benefit from Marriott's world-class reservation system and guest loyalty program, Bonvoy, with over 130 million rewards members.
This investment brings Canyon's real estate portfolio to approximately $6.1 billion of project capitalization.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $26 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.5 billion of debt and equity capital across over 200 transactions capitalizing approximately $14.9 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 29 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com
About the Sponsors/Developers:
The Montford Group. is a hotel development company connecting brands with lifestyle destinations. We are visionaries that acquire, design and develop dynamic real estate. Taking form in 2017 from the creative minds of seasoned entrepreneur duo Sunju Patel and Jessica Reid, The Montford Group. set off to curate an unrivaled collection of unique properties and remarkable experiences for people who believe that home and hospitality shouldn't be rare finds, but the common ground that unites us.
In partnership with
Opterra Capital is real estate investment sponsor and operating partner, capital markets advisor, and asset manager with significant experience in all sectors of commercial real estate. Founded by Glenn Alba, a former Managing Director at Blackstone for 23 years, Opterra Capital consists of four industry-professional principals with more than 80 years of experience that encompasses more than $10 billion worth of hotel transactions; the asset management of over 280 hotels, with a total of more than 46,000 rooms; the oversight of 20 hotel development and renovation projects worth in excess of $3 billion; and the investment analysis of more than $120 billion of primarily hotel real estate. Opterra Capital seeks to leverage this expertise towards value-add acquisition and proactive investment management to deliver attractive, risk-adjusted returns.
Together we are one
Currently with over $500 Million under ownership and hotel development and more than 110 years of combined experience, we recognize the value of bringing lifestyle hotels to urban neighborhoods by partnering with unique brands and experienced management companies always keeping in mind the number one goal: create value for people.
www.montfordgroup.com
www.opterracapital.com
Media contacts:
Kris Cole
Prosek Partners
310.614.9208
[email protected]
SOURCE Canyon Partners LLC
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