Avana provides $60m for Marriott Courtyard and TownePlace Suites in US
US-based real estate debt fund Avana Capital (Avana) has provided a $60m construction loan to Mogul Capital for the construction of a dual-branded Marriott Courtyard and TownePlace Suites hotel in downtown Hawthorne, California.
The five storied hotel will have 354 guest rooms, a restaurant, swimming pool and other business amenities such as meeting space for corporate and community functions.
Avana Capital chief credit officer Matt Hunt said: "Mogul Capital has proven expertise in developing high-quality assets, and we are excited to assist in their ongoing growth.
"Additionally, we had previously worked with Guerdon on modular construction projects and we had experienced first-hand the added value in terms of time, money and quality that they bring to the table."
Located in the Hawthorne downtown region, the site is reported to be in the close proximity of several aerospace-related businesses including SpaceX, and Northrup Gruman, as well as Tesla's design HQ, Boeing, Aerospace Corp, Raytheon, LA Airforce Base, and toys company Mattel.
In addition to the aerospace businesses, the hotel site is said within five miles from Los Angeles International Airport (LAX).
Mogul Capital president Brad Wagstaff said: "There is a great demand for a quality limited-service hotel in this location.
"The combination of a Marriott Courtyard, a TownPlace Suites and the unique mix of rooms is ideal in this location and we were very pleased that we found in Avana Capital a partner that believes in our vision and has the understanding of conventional and modular construction for a large project like this one."
The dual branded hotels are expected to create more than 80 employment opportunities in the region as well as help in the development of other businesses in the Hawthorne area.