Hotel - ConstructionAPRIL 17, 2019
ACRES Capital (“ACRES”) is pleased to announce the funding of construction completion, hotel stabilization, and condominium loan secured by a 5.85-acre lot in Canandaigua, NY. The waterfront mixed-use property will feature a 109 key Tapestry by Hilton Hotel and 44 residential condo units. The hotel will be an upscale destination leisure-based property for couples, families, corporate retreats, weddings, social functions, and special events.
Mark Fogel, President & CEO of ACRES commented, “We believe the loan represents an attractive opportunity to invest in a Hilton branded resort in a prime location at the northern end of Lake Canandaigua, a popular year-round, regional tourist destination that draws from the nearby Rochester, Buffalo and Syracuse markets. Additionally, we are excited to work with Hay Creek, experienced hoteliers with design, development, and operations experience with internationally acclaimed hotel brands.”