GLENDALE, AZ—Avana Capital has provided a $21 million loan to fund the construction of a Hilton Garden Inn hotel in Lompoc, CA. It will be the first new hotel built in Lompoc in more than 30 years.
Being developed by Atul Patel, the Hilton Garden Inn will be a four-star hotel with 156 guestrooms, including 25 suites. Amenities will include a 3,800 sq. ft. meeting space, a restaurant, a lounge, a pool, a whirlpool, a fitness center and a boardroom.
Through a referral, Patel and his family—long-time area residents—discovered Avana Capital, a lender with $350 million set aside to fund community-based projects like hotels. The Patels worked with Avana Capital through the Small Business Administration. As an SBA loan, Avana Capital was able to fund the hotel at 80% loan to value, whereas traditional lenders will typically only fund 65-70% loan to value.