Construction financing secured for a 15-story, dual-hotel in downtown Boise

PHOENIX, Jan. 17, 2024 – JLL’s Hotels & Hospitality group announced today that it arranged construction financing for the 296-key AC Hotel / Element by Westin hotel in Boise, Idaho.

JLL worked on behalf of the borrower to secure the conventional loan through a national bank.

The AC Hotel consists of 175 guest rooms and the Element by Westin has 121 guest rooms. The 15-story hotel is located at W. Grove Street and 10^th Street in Downtown Boise and features a rooftop bar and restaurant showcasing the Boise skyline.

“Given the volatile capital markets environment, limited hospitality allocations, and deal size, the JLL team conducted a wide marketing effort of both recourse and non-recourse lenders which resulted in ten quotes. The process brought in a lender that had previously declined and ultimately resulted in pricing inside of the broader market. This proves both the quality of the project and sponsorship and the value of a competitive process with the team,” said a JLL spokesperson.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

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