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Hotel Conversion Gets Construction Boost

Developer Oram Hotels receives a $36.55-million loan for the continued renovation and development of Downtown San Diego's historic 500 West Broadway building into an upscale boutique hotel.

By Carrie Rossenfeld | Updated on January 11, 2018

The Guild San Diego will be part of Marriott’s recently acquired Tribute Portfolio brand.

SAN DIEGO— Developer Oram Hotels has received a $36.55-million loan for the continued renovation and development of Downtown San Diego’s historic 500 West Broadway building into an upscale, 163-room boutique hotel called the Guild San Diego. Regents Bank was the lender in the construction-loan transaction for the hotel, which is expected to be completed in Spring 2019.

HFF’s debt-placement team including senior managing director Aldon Cole and managing director Scott Hall worked on behalf of Oram Hotels to secure the loan from Regents. The firm tells GlobeSt.com the 84,000-square-foot building was purchased for $14 million in 2014 out of bankruptcy, and Oram was successful in executing a purchase option with the armed forces branch of the government for the fee. The property at the time of acquisition was subject to low-income restrictions and operated as a 260-unit single-resident occupancy facility with a YMCA on the ground floor.

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