Holiday Inn Express & Suites
365 Commerce Drive, Versailles, Kentucky 40383
At A Glance
- PROPERTY OWNER: Versailles Hotel Company, LLC
- PROJECT TYPE: Retroactive PACE
- TOTAL PACE FINANCING: $2,830,162
- FINANCING TERM: 30 years
Energy Project Partners
- PACE DISTRICT: Woodford County EPAD
- PACE LENDER: Stonehill Strategic Capital
- CONTRACTOR: Stephen D. Prater Builder, Inc.
Improvements & Savings
- ENVELOPE: 4% Above Code
- LED LIGHTING: 50% Above Code
- WATER EFFICIENCY: 40% Above Code
About the Energy Project
The Versailles Hotel Group used “Retroactive PACE” for the 82-key Holiday Inn Express in Versailles, Kentucky. The closing represented a couple of firsts for PACE in Kentucky:
- First project in the Woodford County Energy Project Assessment District (EPAD), and
- First project in Kentucky to utilize “Retroactive PACE”, which affords property owners the ability to reduce mortgage debt and potentially free up working capital in partnership with their mortgage lender.
“The EPAD will provide commercial property owners with the opportunity to finance energy efficient, renewable energy, or water conservation measures through competitive private loans and a coordinating voluntary property tax assessment. The program provides more favorable financing terms than traditional financing mechanisms and can cover up to 100% of eligible project costs.” – The Woodford Sun
“EPAD projects (lead to) lower utility and water bills, creating a savings over time that can be factored into the financing, but overall it’s very similar to an ordinary loan. Businesses will only use EPAD if the rates are competitive, and we’ve seen in other counties that they are.” – Woodford County Judge Executive, James Kay
Why PACE Financing?
No Down Payment + No Personal Guarantee + Off Balance Sheet Treatment
= Preserved Credit Lines & Freed Up Capital Budgets