An locally-based real estate development specializing in hotels has locked down $37 million in construction financing for a new in Pasadena's Playhouse District, reports the L.A. Business Journal.
Welcome Group, Inc., the El Segundo firm behind the project, has already secured entitlements for the new hotel, which would replace a surface parking lot at 550-566 E. Colorado Boulevard. Plans call for the construction of a five-story, 194-room hotel which would also feature street-fronting commercial uses facing Colorado and a rooftop bar.
WATG is designing the approximately 110,000-square-foot development, which would be clad in materials including stone, faux wood, and glass. Architectural plans show an L-shaped structure with a small parking lot accessible from an alley which runs along the southern property line.
Upon completion, which is expected to occur in 2025, the project would become an AC Hotel by Marriott, according to the Business Journal.
The financing for the hotel was secured by JLL.
The project is the latest in a growing number of outposts for the AC Hotel brand in the Los Angeles area, following a 347-room establishment that recently opened as part of the Fig + Pico development near the Convention Center in Downtown. Welcome Group has previously contributed to the brand's growth, building a similar 180-key AC Hotel in its hometown of El Segundo.
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- 550 E Colorado Boulevard (Urbanize LA)