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WestPac locks in $11m funding for California hotel refurbishment

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WestPac, a Santa-Barbara investment, development and management firm, has secured $11m funding for the refurbishment of the Hotel Cerro in downtown San Luis Obispo, California.

The C-PACE transaction WestPac reached with Petros PACE Finance will facilitate the late-2019 opening of a new five-storey, 65-room boutique hotel.

The Hotel Cerro will include downtown San Luis Obispo’s first rooftop pool and bar, and its largest spa.

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The hotel refurbishment will also add a distillery, event rooms and a rooftop garden.

“Creative financing solutions are needed to breathe new life into historic properties like this, because they often require costly upgrades to the building’s original infrastructure,” said Mansoor Ghori, Petros PACE Finance CEO & Co-Founder. “C-PACE financing from Petros is providing WestPac with a lower-cost alternative to traditional financing for seismic upgrades on a stylish, contemporary hotel that will attract more visitors to downtown San Luis Obispo.”

C-PACE is a financing tool for energy and water efficiency projects.

Tags : central coasthotel cerrosan luis obisposlo
Sam Lewis

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