Hotel Development Success Stories

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St. Louis Renaissance Grand Hotel and Suites
Quick Facts

• Redevelopment of 1,070-room hotel in downtown St. Louis
• $250 million project involved multi-tiered financing structure, making use of state and federal loans and tax credits
• Acted as general counsel for development and ownership


Considered the lynchpin of St. Louis Downtown revitalization, the 1,070-room Marriott Renaissance Grand Hotel and Suites is the culmination of an almost 10-year effort to accomplish the restoration of the 81-year old Statler Gateway Hotel. The Grand, in conjunction with the Renaissance Suites (which is located in the former Lennox Hotel Building), represents a $250 million project which is located immediately adjacent to the St. Louis Convention Center. The overall redevelopment project also includes construction of a new hotel tower, a 1,000 space parking garage, as well as new ballrooms to accommodate the needs of large conventions.

Utilizing a complex, multi-tiered financing structure which was highlighted in the Wall Street Journal, the project financing took advantage of the availability of Federal Empowerment Zone Bonds, as well as Tax Increment Financing Bonds, a HUD §108 Loan, an Economic Development Grant from HUD, and grants from the City of St. Louis. Also integral to the financing package for the project were both federal and state historic tax credits and state Brownfields credits, which generated significant equity investment in the project.

Elkins, P.L.C. acted as general counsel for the developer and hotel ownership entity.

 

Hilton Garden Inn
  Quick Facts

• Served as real estate, tax, and financing counsel for development and ownership of 282-room hotel in Historic Warehouse District of New Orleans
• $29 million financing arrangement involving Firefighters' Pension and Relief Fund


New construction with conventional financing, the Hilton Garden Inn is a 282-room hotel in the Historic Warehouse District of New Orleans, located within walking distance of the New Orleans Convention Center. The $29 million project was made possible by equity provided by the Firefighters’ Pension and Relief Fund of New Orleans, and was constructed to meet the City’s increasing need for hotel space as a result of expansion of the New Orleans Convention Center. In addition to the hotel’s facilities, on-site parking and a priority booking arrangement for event space at Generations Hall, an adjacent entertainment facility with approximately 20,000 square feet of event space, the Hilton Garden Inn occupies a unique niche in the New Orleans marketplace.

Elkins, P.L.C. served as real estate, tax and financing counsel for the development and ownership entity.

 

"The" Place to Stay While Attending the College World Series
Quick Facts

• Redevelopment of historic downtown Omaha building into 175-room hotel
• $16 million financing involving commercial loans and tax credit equity
• Awarded Rehabilitation and Reuse Preservation Award by Landmarks Inc.


Yet another one of the firm’s hotel renovation projects is located in Nebraska. There, our client redeveloped the historic Briggs Building into a 175-room Courtyard by Marriott Hotel in downtown Omaha. Landmarks Inc. gave the project its Rehabilitation and Reuse Preservation Award. The financing package for the project included a first mortgage construction loan of more than $16 million and tax credit equity. Additionally, we worked with our client to obtain tax increment financing from the City of Omaha.

 

Blackstone Hotel
  Quick Facts

• Redevelopment of historic downtown Fort Worth hotel
• $15 million financing involving commercial loans and tax credit equity


One of the firm’s projects in the State of Texas, the Blackstone Hotel, was the preeminent hotel in Fort Worth for much of the twentieth century. The hotel closed in the 1980’s and became an eyesore in downtown Fort Worth. Historic Restoration, Incorporated redeveloped the site into a Courtyard by Marriott. Elkins, P.L.C. assisted in structuring and documenting the financing for the renovation of the Blackstone Hotel. The debt consisted of a $15 million commercial construction loan and substantial rehabilitation tax credit equity provided by a Fortune 100 company.

 

 

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