Hospitality Funding Inc. Arranges Purchase of Hilton in Concord, CA
Palm Beach, FL — Hospitality Funding Inc. has sourced the equity funding for the acquisition of the 329-room Hilton Concord in Concord, California. The property has been acquired as part of a $250 million Joint Venture raised by Hospitality Funding between a leading hospitality asset management firm and a US-based investment management company for the purpose of purchasing high quality full-service assets. The property was acquired from Interstate Hotels and Resorts, Inc., which will continue as operator of the hotel.
When assessing the transaction, Hospitality Funding considered the hotel’s leadership in energy efficiency and green technology. The Hilton Concord was recently the recipient of the 2013 TripAdvisor Certificate of Excellence Award recognized, as well as the Governor’s Environmental and Economic Leadership Award (GEELA), awarded by the Governor of the State of California for the property’s outstanding commitment to sustainability and the environment.
The hotel features a cutting edge high-efficiency laundry system that conserves water, energy, and natural gas, has installed a Biodigester to divert compostable and recyclable materials from landfills and an extensive recycling program hotel-wide.
The hotel has also installed 100% LED and high efficiency lighting throughout, a Pelican Wireless HVAC energy management system, solar window film, Eco-flush water saving toilets, Energy Star efficient equipment, and Verdafero software to track their success.
The hotel offers its guests and community one of the largest Electric Vehicle Charging Stations in Northern California and a concept restaurant, Plate & Vine, which serves sustainable locally, sourced and regionally inspired cuisine.
Of this landmark acquisition, Hospitality Funding’s Chairman Scott Silver said, “We are excited to continue our successful partnership with the parties of this Joint Venture, and are particularly pleased to be able to facilitate the purchase of such an outstanding property.”
About Hospitality Funding: Hospitality Funding is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior owners to find capital solutions that fit their specific goal for property acquisition, development and refinance. For more information, please visit www.hospitalityfunding.com.