East West Bank Provides Construction Loan for 194-Room Hotel Project in LA
Welcome Group expects to complete the six-story hotel by 2025
By Greg Cornfield May 24, 2023 6:35 pm
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Development firm Welcome Group secured financing to build a six-story hotel with 194 rooms in the Playhouse District of Pasadena, Calif.
JLL (JLL)’s capital markets team announced it arranged the $36.8 million in construction financing. The three-year loan comes with two one-year extension options.
JLL declined to disclose the name of the lender, but records show Pasadena-based East West Bank provided the loan.
The hotel will rise at 550-566 East Colorado Boulevard. It’s scheduled to be complete by 2025, and will operate as an AC Hotel by Marriott, with a rooftop lounge, a Peloton fitness room, event space, and an AC Lounge.
JLL’s Marc Schillinger and Matt Stewart represented Welcome Group. The El Segundo-based developer owns 11 hotel properties across the U.S., according to its website.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
