FRESNO, Calif. (KSEE/KGPE) – The development of a Courtyard by Marriott in downtown Fresno has arranged construction financing.
Marcus & Millichap Capital Corporation (MMCC), a provider of commercial real estate capital markets financing solutions, arranged $19,790,000 in construction financing for the development of a Courtyard by Marriot. This was secured by Marc Cesarec, Vice President of Capital Markets, based out of the MMCC Encino office.
This is proposed to be a 94,796-square-foot, five-story hotel that would be located at 808 M Street in downtown Fresno.
“The 144-key hotel is a long-awaited project for the City of Fresno. Located in Downtown Fresno, the new Courtyard by Marriott hotel will feature meeting spaces, a swimming pool, fitness center and lounge bistro, and will be in close proximity to the Fresno Convention & Entertainment Center, making it an essential component to the area’s growth.”-Marc Cesarec, Vice President, Capital Market.
According to a report by Marcus & Millichap, demand for hotel rooms resembles that of the pre-health crisis period. Room demand through the first six months of the year has been in line with bookings from the same window in 2017 and 2018, only trailing the record 2019 span by about 3 percent.
According to developers it is estimated to be completed in 24 months.