Stratus Development Partners received a $30 million first lien construction loan from Hall Structured Finance for the development of a new Marriott Tribute Portfolio hotel in Santa Barbara, Calif. The project also includes $16.3 million in C-PACE financing provided by Nuveen Green Capital.
Marriott Tribute Santa Barbara will be a 105-key, 4-story, boutique lifestyle hotel that will have a rooftop bar with 180-degree views of the ocean and mountains, a coffee bar, 3,000 square feet of meeting space, an outdoor courtyard and lounge and a fitness center. The project will be located within a five-minute walk to East Beach and close to downtown Santa Barbara.
“We are proud to provide financing for the Marriott Tribute hotel and believe it will be a top performer in the market,” Brad Ferguson, vice president of Hall Structured Finance and the loan originator. “Several factors make this an attractive opportunity, from the limited hotel pipeline in Santa Barbara to the project’s prime location near East Beach and downtown. Stratus Development has been an excellent partner, and we look forward to the hotel’s success.”
Stratus Development Partners has $400 million in completed multifamily and hotel projects, and over the past 24-months successfully developed and delivered 344 hotel keys.
Inspired by Santa Barbara’s vivid resident Anna’s Hummingbird, Straus Development Partners founder’s David and Andrew Wood developed the project to be an iconic Santa Barbara hotel.