InterContinental The Clement Hotel

InterContinental The Clement Hotel

$59,000,000 Construction Loan & $72,500,000 Perm Loan

208-Key Full-Service Hotel

Monterey, CA

The property was originally slated to carry a 4.5-star flag, but because of favorable capital markets feedback during the construction loan solicitation process, the Borrower decided to operate the property as an independent hotel, creating substantial additional cash flow and value. Prior to opening the hotel, the Borrower received an excellent franchise proposal from InterContinental Hotels and Resorts and currently operates the hotel as an InterContinental hotel.

In 2015 Highland Realty Capital assisted the Borrower in refinancing the hotel with a 10-year fixed rate CMBS loan that paid off the all of the initial project debt and returned all of the Borrower’s initial capital.

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