Way Capital reported that it secured financing for the JdV by Hyatt in Scottsdale as that hotel moved toward the Hotel Solaya name. We are not Way Capital, we did not arrange that loan, and we do not repeat their proceeds as a comparable for the next boutique. The fact that matters for underwriting is the cluster: Old Town's boutique hotels sit in an entertainment district, not on a freeway pad. Cash flow is seasonal. Lenders who average the year without looking at January through April will misread both the peak and the summer.
A flagged boutique with food and beverage is a different loan from Scottsdale Fashion Square retail and from a north Scottsdale resort. Send the flag or the independent brand, the food-and-beverage share of revenue, and three years of monthly occupancy if you have them. We arrange bank, CMBS, or bridge. We do not publish an Old Town rate. The city page is Scottsdale. Hotels citywide are Scottsdale hospitality. Street retail in the district, when that is the asset, is Scottsdale retail.
The office is already in Scottsdale, at the Doubletree Ranch address on the financing pages. Old Town is not a second branch. Being a few miles from the district is not a claim that we have closed a named hotel there.
Seasonality is the underwriting, not a slogan
Ask the lender to look at trailing months, not only a trailing twelve. A January peak can carry a debt-service test that a July statement will not. If the business plan is a renovation timed into the winter, the bridge has to survive the soft months before the new flag opens. We will say if the calendar does not work.
Food and beverage income is not room income. Some lenders cap it or haircut it. Tell us the split before the model assumes every dollar is rooms.
What stays off this page
Pima Center's retail ground lease is a Scottsdale retail fact. It is not a hotel. Airpark flex is industrial. Neither card moves into Old Town to decorate a hospitality request.
No transactions line names Old Town, Fashion Square, or Hotel Solaya.
Waterfront, Fashion Square, and Camelback inside Old Town
Scottsdale Waterfront and Scottsdale Fashion Square are the retail and office cluster at the south end of Old Town. Apartments in that cluster are multifamily only when you own the community. Camelback Road through Old Town is a Scottsdale retail and office street. It is not Phoenix’s Camelback Corridor, which is the Biltmore office spine in the City of Phoenix. The road name crosses the city line. The loan does not.
Capital for an Old Town hotel
| Source | When it fits |
|---|---|
| Bank | A smaller Old Town hotel or a local relationship hold. |
| CMBS | A flagged boutique whose cash flow a bank will not size. |
| Bridge | A rebrand or renovation that has to open before permanent credit will look. |
| District retail | Street retail when the collateral is shops, not keys. |