Hotel Adeline

$28,000,000 bridge loan secured by a first mortgage lien on a 218-key hotel and adjacent 15,100 square-foot commercial building located in Scottsdale, Arizona. The borrower used the loan proceeds to acquire and renovate the building. The renovation involved converting the Days Inn into an independent boutique hotel. The renovation will include an upgrade of all rooms and repositioning of the restaurant building to make it more accessible to the pool, and renovation of pool, patio and landscaping. The property was built in 1970, sits on 4.5 acres of land. Another building of approximately 15,100 square feet sits at the front of the site and includes the lobby/registration area, restaurant, lounge, meeting space, and gym.