BARSTOW, Calif., June 3, 2021 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") announced it has funded a $24,400,000 development project to build a 181 room Marriott hotel on 3.3 acres of land in Barstow, CA. The property will be a dual branded hotel: Townplace Suites by Marriott and Fairfield Inn & Suites by Marriott, due to open in early 2023.
San Diego based Hotel Investment Group ("HIG") saw the opportunity to bring the Marriott brand into the Barstow market, where Marriott has no presence. GreenLake provided funds that will enable HIG to develop the project and capitalize on contract business from the US government and large utility operators in a largely untapped market.
"Hotel Investment Group is excited to partner with a lender like GreenLake who has the vision to see beyond the short-term economic climate and realize the future value of this project," said Darshan Patel, CEO of Hotel Investment Group.
Peter Chang, Managing Principal at GreenLake stated, "After the pandemic devastated the hospitality market, so many lenders pulled back or stopped lending in the space altogether. Our background in hospitality and view across multiple sectors gives us the insight and comfort in the future of the hospitality sector and the economy overall. We believe in both the opportunity in the Barstow market and in the management team at Hotel Investment Group, and we expect strong performance from these two amazing brands by Marriott."
Founded in 2008, GreenLake Asset Management LLC and its affiliates ("GreenLake") provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self storage and retail.