Preston Hollow Capital Announces $115 Million Financing Transaction for Irving Convention Center Hotel
DALLAS–(BUSINESS WIRE)–Preston Hollow Capital, an independent specialty finance company, announced today the completion of a $115 million financing transaction for the construction of the new Westin Irving Convention Center Hotel in Irving, Texas, which will provide over 350 guest rooms and more than 16,000 square feet of ballroom and meeting space, restaurant and retail facilities, and a parking garage. The upscale hotel will complement and be located adjacent to both the Irving Convention Center at Las Colinas and The Music Factory, a 17-acre dining and entertainment venue currently under construction under separate ownership. The Hotel is owned by Provident Resources Group and operated by Marriott Hotels under its Westin® brand, with Garfield Public Private overseeing development.
“Preston Hollow Capital takes pride in its role as the financing solution provider for the Westin Irving Convention Center Hotel,” said PHC Chairman and CEO Jim Thompson. “We appreciate the opportunity to work with these valued partners, and to demonstrate our team’s ability to execute complex transactions and close with certainty.”
“This was a team effort on an intricate transaction,” said Ramiro Albarran, Head of Originations at Preston Hollow Capital. “The City of Irving, Provident, and the development team have been great partners. We look forward to seeing the City’s long-held vision for this project come to life.”
“Provident Resources Group is pleased to be a partner with the City of Irving, Preston Hollow Capital and the development team for the development of the Westin Irving Convention Center Hotel,” said Steve Hicks, Chairman and CEO of Provident. “Provident looks forward to being a long-term partner with the City of Irving and serving the greater Irving, Texas community for years to come.”
“The much-anticipated hotel soon will become a reality,” said Irving City Manager Chris Hillman. “This is the final piece to the long-term plan for a visitor’s district and we are fortunate to be working with a professional, experienced and committed financial group.”
About Preston Hollow Capital
Preston Hollow Capital (www.phcllc.com) is the leading solution provider in municipal finance. Headquartered in Dallas, PHC is an independent specialty finance company with more than $800 million in permanent equity capital and over $1.5 billion in investment capacity from a diverse investor base comprised of founding management, institutional investors Stone Point Capital and HarbourVest, and several prominent family offices. Preston Hollow Capital differentiates itself with its ability to deliver capital with speed, certainty and flexibility.
Preston Hollow Capital
Max Pickle, 214-389-0813