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SD Developer Obtains $36.6M for Downtown Hotel Project

Former YMCA Building Being Converted into Upscale Guild Hotel
January 8, 2018
Developer Oram Hotels has obtained $36.55 million in construction financing for its ongoing renovation of a historic downtown San Diego, CA building into what will open in 2019 as a 163-room, upscale boutique hotel known as The Guild San Diego.

The seven-story building, at 500 W. Broadway, was acquired by locally-based Oram Hotels in 2014 for $14 million, according to CoStar data. It housed the city’s downtown YMCA for 90 years before the facility's closure that year.
See CoStar COMPS #3025771.

HFF’s debt placement team of Aldon Cole and Scott Hall placed the new construction loan with Regents Bank. An HFF statement said loan proceeds will be used to continue the conversion of the property into a four-star hotel, with completion expected in spring 2019.

The Guild San Diego will be managed by San Diego-based Azul Hospitality Group and operate under Marriott’s Tribute Portfolio brand. The hotel will include 7,000 square feet of indoor meeting space and 9,000 square feet of outdoor banquet space.

Plans also call for a garden and courtyard with art, floating walls, green areas and lounge seating. There will be several on-site food and beverage options, including an in-house restaurant and tapas kitchen, a courtyard cocktail bar, a specialty coffee bar and basement speakeasy. Also planned is an on-site general store carrying products under flagship San Diego brands.

Lou Hirsh, San Diego Market Reporter  CoStar Group   
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