SHERIDAN, WYOMING – Feb. 24, 2025 – IPA Capital Markets, a division of Marcus & Millichap, has successfully arranged $37.9 million in construction financing for the development of the Element by Westin Mission Valley. This 148-key extended-stay hotel is set to enhance the hospitality landscape in the vibrant Mission Valley neighborhood of San Diego.
Financing Secured for Premier Extended-Stay Hotel
The financing, provided by Fifth Third Bank, was secured on behalf of the sponsor, Driftwood Capital. This significant investment underscores the confidence financial institutions have in the project's potential and the strategic vision of Driftwood Capital.
Key Players and Strategic Vision
Jordan Ray, Jamie Matheny, Steven Buchwald, and Rachael Krawiecki of IPA Capital Markets played pivotal roles in securing this financing. Their expertise and strategic approach were crucial in bringing this project to fruition.
"Driftwood has done a great job with the existing Marriott Mission Valley, and the new Element by Westin takes it to the next level," said Ray. "By integrating shared amenities, they’re creating a stronger offering and unlocking even more value in the market."
Project Details and Amenities
Upon completion, the Element by Westin Mission Valley will offer 148 suite-style rooms, catering to both business and leisure travelers seeking extended-stay accommodations. The hotel will also feature over 5,000 square feet of meeting and event space, a state-of-the-art fitness center, a relaxing courtyard, a full-service restaurant, and a stylish lobby bar and lounge.
Strategic Development and Integration
Driftwood Capital's strategic vision includes leveraging the existing amenities of the adjacent Marriott Mission Valley, which they acquired in 2019 along with the development parcel. This integration will create a comprehensive hospitality experience, featuring a resort-style pool and ample parking. The Element by Westin will occupy 1.5 acres and is projected to be completed by the end of 2026.
Enhancing the Mission Valley Hospitality Scene
This development represents a significant addition to the Mission Valley area, providing travelers with a modern and comfortable extended-stay option. The integration of shared amenities between the Element by Westin and the Marriott Mission Valley will create a synergistic environment, enhancing the overall guest experience.
About IPA Capital Markets
IPA Capital Markets, a division of Marcus & Millichap, specializes in providing comprehensive capital markets solutions for commercial real estate clients. Their expertise in arranging financing for development projects like the Element by Westin Mission Valley demonstrates their commitment to delivering exceptional results for their clients.
Looking Ahead
The Element by Westin Mission Valley is poised to become a premier destination for travelers seeking extended-stay accommodations in San Diego. With its strategic location, comprehensive amenities, and expert management by Driftwood Capital, this hotel is set to make a significant impact on the local hospitality market.
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