Commercial, Energy Efficiency - July 10, 2020
Providence Marriott Downtown closes $2.5M C-PACE loan
The Providence Marriott Downtown hotel closed a $2.5 million loan through a local bank’s Commercial Property Assessed Clean Energy program to implement a series of energy upgrades that are expected to reduce the hotel’s annual energy usage by almost 40%.
The hotel used the loan from Rhode Island Infrastructure Bank to install a more efficient HVAC system and control center, in addition to LED lighting throughout the facility. The financing terms of the loan span 18-years and the hotel expects to reduce its carbon footprint by 12,945 metric tons of carbon over that timeframe, New England Real Estate Journal reported July 10.
“This work is part of our broader “re-imagination” of the hotel, bringing it to the latest Marriott standards and incorporating features our guests desire including farm-to-table food options, an expanded coffee shop hosting local roasters and electric vehicle (EV) charging stations,” Richard Jabara, CEO of Meyer Jabara Hotels, said in a statement. “The associated environmental benefits of the PACE funded improvements are also very important to us and to our many valued individual and corporate guests. We are grateful for the assistance provided by the Infrastructure Bank, Thompson Partners, our consultant that developed the PACE project and secured third party financing, Greenworks Lending that provided the funding and National Grid for providing technical assistance and incentive funds.”
The Providence Marriott Downtown is a full-service hotel with 354 guest rooms, extensive meeting space, a ballroom, an on-site salon and spa and a guest favorite in-door and outdoor pool with a pool-side bar.
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