Lionheart Strategic Management and Schroders Capital provided a $23.5 million mezzanine loan to Namastay Development and Hospitality Capital Partners to renovate and recapitalize The Monarch, a 194-key hotel in Old Town Scottsdale, Arizona. Additional financing is being provided via a $29.5 million senior loan.
The Monarch is being rebranded into “Hotel Solaya” by Hyatt. Originally built in 1975, the hotel sits on over six acres and features a restaurant and bar, coffee shop, outdoor pool and bar, fitness center, spa and over 15,000 square feet of meeting space.
The property is slated to undergo a multimillion-dollar renovation, including comprehensive upgrades and aesthetic enhancements to guestrooms, common areas, F&B venues and exterior elements. Design will be led by Studio 11 and Dreamscape Hospitality will handle on-site property management.
Andy Klein and Randal Gleeson led the transaction for Lionheart Strategic Management. Paul Bratten led the transaction for Schroders.
The post Scottsdale Hotel Set for Makeover, New Name appeared first on Connect CRE.
