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Temecula, CA - January 29, 2020 - A 185-room luxury boutique hotel in Old Town Temecula is a step closer to opening its doors thanks to $34 million in financing announced Wednesday.
The Truax Hotel, which is part of Marriott’s Autograph Collection, is slated for construction on 1.75 acres of unimproved land along 3rd Street, from Mercedes to Front streets.
St. Louis-based Twain Financial Partners said Wednesday it has provided $34 million in Property Assessed Clean Energy (PACE) Financing for development of the hotel and a parking structure. The funding came through Western Riverside Council of Governments’ C-PACE program, which offers developers low-cost, long-term financing for 100 percent of the cost of energy efficiency, renewable energy and water conservation improvements for commercial real estate projects.
"WRCOG was thrilled to work with Twain and the City of Temecula to help make this project happen and continue with our shared goals of using C-PACE as a financial tool for developers and property owners, while building a sustainable future," said Bonnie Wright, WRCOG chairwoman and Mayor of Hemet.
The development is slated to include water and energy efficiency features; the PACE proceeds will be used to fund seismic improvements on both the hotel and parking structure, according to the announcement.
The project is being managed by Temecula-based Truax Development, the hotel’s namesake.
"Twain and WRCOG provided a critical piece in bringing the Truax Hotel to Old Town Temecula," said Bernard L. Truax II, president and chief executive officer of Truax Development. "Public private partnerships can work, and these types of collaborative efforts make a difference to our community. WRCOG’s PACE Financing funding program and their ongoing support have moved this project from the drawing board to fruition, creating jobs and strengthening our region economically."
Scheduled to be completed by September 2021, the hotel will feature over 189,000 square feet of meeting space, a ballroom, wedding venue, destination restaurants and bars, rooftop terrace, outdoor pool and retail space, according to the Twain announcement.
To see more on the Truax Hotel project, visit https://truaxhotelproject.com/.