Lafayette, CO—Colorado C-PACE today announced that Lamont Companies has tapped C-PACE funding to assist in the financing of the construction of their latest hotel. The new 90 room, four-story, 50,000-square-foot hotel is located at 25 Tributary Street in Montrose, CO.
Jeff Lamont, CEO of Lamont Companies, said, “When we build a new hotel, it’s always our mission to minimize our environmental impact. The beauty of C-PACE financing is that it encourages developers to incorporate energy efficiency into a design that is above what is required by the building code and ultimately saves us on our utility costs.”
Lamont Companies contracted with PCD Engineering to perform the environmental impact analysis. Jacob Goodman, project engineer with PCD Engineering, said, “Our analysis of the design predicts energy cost savings of 19% over the baseline design model.” He added, “It is great to see the impact of Colorado C-PACE financing being felt in all corners of the state. This beyond-code savings would not have been possible without the financing provided by Colorado C-PACE.”
Twain Financial Partners provided the nearly $2.9 million in financing eligible through the C-PACE program. Zak Boyer, project manager at Twain Financial, said, “We are delighted to provide our portion of the construction financing for this new Fairfield Inn & Suites in picturesque Montrose. We wish them the greatest success with their latest project in Colorado.”
About Colorado C-PACE
A program of the New Energy Improvement District (NEID), administered by Sustainable Real Estate Solutions, Colorado C-PACE facilitates financing for energy and water improvements in new and existing commercial buildings, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 25 years. The payments are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment can stay with the property and transfer to the new owner, who enjoys the ongoing utility cost savings associated with the project.
About Fairfield by Marriott
Fairfield by Marriott is designed to deliver a seamless stay through trusted service and warm, inviting spaces. In addition to complimentary Wi-Fi and hot breakfast, Fairfield offers thoughtfully designed rooms and suites that provide separate living, working, and sleeping areas. With over 1,000 properties around the globe, Fairfield is proud to participate in Marriott Bonvoy, the new name of Marriott’s travel program replacing Marriott Rewards®, The Ritz-Carlton Rewards®, and Starwood Preferred Guest® (SPG). The program offers members an extraordinary portfolio of global brands, experiences on Marriott Bonvoy Moments and unparalleled benefits including earning points toward free hotel stays and nights toward Elite status recognition. To enroll for free or for more information about the program, visit MarriottBonvoy.com. For more information or reservations, visit www.fairfieldinn.com, become a fan on Facebook or follow @FairfieldHotels on www.twitter.com/fairfieldhotels.
About Lamont Companies
Lamont Companies, Inc (LCI) was founded by Jeff Lamont in 1998, and since then the dedicated team has aggressively developed many franchised hotels, convention centers, restaurants, retail malls, apartment developments and casinos throughout the United States. The company is a full, turnkey real estate development, management, investment, construction, and procurement company catering to the hospitality and development industries. LCI repeatedly establishes a quality product in every market it enters; going beyond the requirements of each brand or tenant to ensure its customer is met with comfortable accommodations in inviting surroundings and gracious hospitality. For more information, please visit www.lamontcompanies.com.
Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled Energy Performance Improvement Calculator (EPIC™) tool streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated over $500 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Newtown, Connecticut.