ORIX Real Estate Americas announced the closing of a $15.6 million construction loan that will be used to build a 123-room Element by Westin extended-stay hotel in Palmdale, California.
The developer projects that the hotel, which will service the greater Palmdale market, is likely to draw guests from the aerospace industry in the Antelope Valley.
“The borrower has indicated that the Antelope Valley is experiencing strong growth, driven particularly by drone research from groups like Lockheed Martin and Northrup Grumman,” said Ron Lawrie, Managing Director of Real Estate Lending and Acquisitions for ORIX Real Estate Americas. ”Because of that, the borrower anticipates that the new Element by Westin extended-stay concept should prove to be very well-received in this marketplace. ORIX Real Estate Americas continues to favor the limited service hospitality sector in select markets.”