SCOTTSDALE, Arizona—Arriba Capital announced that it closed a ground-up construction loan for a Holiday Inn Express and Staybridge Suites dual-brand property in the CBD of Houston, Texas. The property is being developed and managed by Houston-based Neway Hospitality. The loan was sized to a 75 percent loan to cost with a $34,500,000 senior loan and $18,000,000 of C-PACE financing.
Ryan Bosch, principal at Arriba, stated, “The Neway Hospitality group are experienced hotel developers, owners, and operators with a deep track record in the Houston market. The strength of the sponsorship, in conjunction with the…site in downtown Houston, made this financing possible in a difficult capital markets environment.”
The property will have 275 guestrooms combined with traditional and extended-stay options. Building amenities include an outdoor pool on the fifth floor, meeting space, full-service bar, fitness center, business center, dining area for complimentary breakfast, and on-site parking garage. The opening of the hotel is expected in the fourth quarter of 2025.
Ali Momin, general partner at Neway Hospitality, added, “Collaborating with Arriba Capital proved to be an exceptionally wise choice. Ryan Bosch is known as an expert in the construction capital markets for hotels and that proved true on the capital structure we were able to achieve for this project. We are delighted with this closing and eagerly anticipate future collaborations.”
