Property Summary
Bishop’s Lodge is a luxury Auberge Resorts Collection hotel in northern Santa Fe, located in the foothills of the Sangre de Cristo Mountains. Originally opened in 1918, the top-rated resort was named the number one resort in the U.S. Mountain West by Conde Nast Traveler and also received a coveted World’s Best Travel + Leisure award. The 98-key luxury hotel boasts 6,000 square feet of indoor meeting and banquet space, multiple restaurants and bars, an art gallery, a full-service spa, pool, as well as outdoor activities, such as fly fishing, hiking and horseback riding.
C-PACE Opportunity
$76.2 million in C-PACE financing was used to recapitalize energy and water efficiency improvements that were part of the hotel’s $127.2 million renovation, which began in July of 2021, and will also be used toward several ongoing improvements, including a wastewater treatment facility. The Nuveen Green Capital team structured an attractive financing package to refinance an existing senior loan on the property. The strategic use of C-PACE enabled the asset to transition to more favorable financing terms, ensuring its continued profitability and growth.
