PROVIDENCE, R.I. – Rhode Island Infrastructure Bank recently announced the closing of a $2.5 million loan with the Providence Marriott Downtown. Through the bank’s Commercial Property Assessed Clean Energy (C-PACE) program, the hotel installed an efficient HVAC system along with new controls and LED lighting throughout the facility. The upgrades are expected to reduce the hotel’s annual energy expense by almost 40 percent when compared to the current usage.
“RI C-PACE financing has helped 26 buildings make upgrades and offset their energy costs,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “The Providence Marriott project is one of the C-PACE program’s largest loans to date.”
The energy efficiency upgrades are expected to offset the facility’s energy consumption—over the 18-year financing term, the hotel is expected to reduce its carbon footprint by 12,945 metric carbon tons, a figure equivalent to the annual energy output of 1,500 Rhode Island homes.
“The PACE funds helped us install state-of-the-art HVAC and lighting systems that provide our guests with superior guestroom comfort,” said Richard Jabara, CEO of Meyer Jabara Hotels. “This work is part of our broader “re-imagination” of the hotel, bringing it to the latest Marriott standards and incorporating features our guests desire including farm-to-table food options, an expanded coffee shop hosting local roasters, and electric vehicle (EV) charging stations. The associated environmental benefits of the PACE funded improvements are also very important to us and to our many valued individual and corporate guests. We are grateful for the assistance provided by the Infrastructure Bank, Thompson Partners, our consultant that developed the PACE project and secured third-party financing, Greenworks Lending that provided the funding, and National Grid for providing technical assistance and incentive funds.”
The full-service hotel opened in 1975 and includes 354 guestrooms, meeting space, a ballroom, an on-site salon and spa, and an indoor and outdoor pool with a pool-side bar. The hotel is also planning to open a new restaurant.