Client: Jackson-Shaw Company
Location: Las Vegas, Nevada
Project Type: New Construction
Owned and developed by Dallas-based firm JacksonShaw, the Symphony Park hotel is a five-story 441-key hotel under the dual brands of AC by Marriott & Element by Westin. The development is in Las Vegas’ Symphony Park, a redevelopment site in the heart of the city. PACE Equity is providing $40 million in funding for this project.
Located on 61 acres in the heart of downtown Las Vegas, Symphony Park is the city of Las Vegas’ premier development that is home to arts, culture, science and medicine. It offers one of the city’s most exciting and prime opportunities for retail, restaurant or mixed-use development.
PACE Equity’s strategic capital was deployed to complete the capital stack with low-cost financing. Even in a city as famous for opulence and excess as Las Vegas, the developers were able to meet our straight forward and achievable guidelines for low carbon development.
CIRRUS Financing
The Symphony Park hotel received CIRRUS Low Carbon verification by demonstrating a lower carbon footprint than comparable assets. Whole-building energy modeling was used to perform this evaluation. The CIRRUS financing program allowed the developers to maintain key branding elements of the hotel such as decorative lighting while receiving recognition for the building’s overall low carbon design. In addition to reduced utility costs a, the hotel’s energy efficient design resulted in a substantially lower cost of capital from PACE Equity, lowering their WACC.
With PACE Equity’s financing, the Symphony Park hotel is progressing and is on track to be the first hotel in the Symphony Park district of Las Vegas. The groundbreaking ceremony took place on January 25th and was attended by PACE Equity Originations Leader Ron Adachi, responsible for originating the project.
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