Summary
Virgin Hotels Las Vegas, a Curio Collection by Hilton property, is a resort and casino in Paradise, Nevada, just one mile east of the Las Vegas Strip and five minutes from the airport. The 29-acre property boasts 1,503 rooms and suites, over 130,000 square feet of indoor and outdoor meeting and convention spaces, a day spa, outdoor pools, 24-hour gaming, 12 restaurants and bars, plus music venue The Theater.
Opportunity
$90.4 million in C-PACE proceeds were used to recapitalize a previous construction loan. Nuveen Green Capital was proud to provide $190 million in C-PACE financing to recapitalize recently completed improvements to the hotel, including HVAC upgrades, LED lighting, window replacements, plumbing upgrades, a building control system, pool and spa improvements, as well as desert landscaping. The borrower was motivated to use C-PACE to refinance existing senior and mezzanine loans, in order to de-lever the property.
