MCM Elegante Hotel Wins $11M C-PACE for 287-Room Marriott Courtyard/Element Conversion
Peachtree Group and Lone Star PACE completed an $11 million C-PACE financing to renovate the MCM Elegante Hotel in Beaumont, Texas. The dual-branded Marriott Courtyard (135 rooms) and Element (152 rooms) conversion includes HVAC, envelope, lighting and plumbing upgrades projected to cut energy use 29%, water 39% and gas 30%.
1. Financing Secured
Peachtree Group and Lone Star PACE completed an $11 million C-PACE financing to renovate the MCM Elegante Hotel in Beaumont, Texas, offering long-term fixed-rate terms without recourse to owners and enhancing project economics and asset value through a voluntary property assessment.
2. Conversion Plans
The hotel will be redeveloped into a dual-branded Marriott Courtyard with 135 guest rooms and Element extended-stay brand with 152 rooms, maintaining full operations throughout the 18-month renovation period.
3. Energy Efficiency Upgrades
Upgrades include high-efficiency building envelope materials, windows, HVAC system replacements, energy-saving lighting fixtures and low-flow plumbing to enhance sustainable performance.
4. Projected Savings & Timeline
The efficiency measures are forecast to reduce annual energy consumption by 29%, water use by 39% and natural gas usage by 30%, with construction scheduled to last 18 months while the property remains operational.