- Madison, Newbond close $110M loan for Hotel Nia in California.
- The hotel is near Snowflake and Meta campuses.
- Ensemble is moving operations to its management platform.
MADISON REALTY CAPITAL and Newbond Holdings closed $110 million in financing for Ensemble Investments. The loan refinances Hotel Nia, a 250-key Marriott Autograph Collection hotel in Menlo Park, California, and covers closing costs.
The hotel is the only full-service property in Menlo Gateway, adjacent to Snowflake and Meta campuses with access to San Francisco and San Jose, the companies said in a statement. The property includes 241 rooms, nine suites, 15,345 square feet of meeting and event space, three food and beverage outlets, an outdoor pool, fitness center and 301 valet parking spaces.
Madison is led by Cofounder and Managing Principal Josh Zegen, while Newbond is led by Founding Partner Neil Luthra.
“Hotel Nia is a cash-flowing asset with institutional sponsorship, brand affiliation and market fundamentals that support its outlook,” Zegen said. “Silicon Valley’s return-to-office trends, constrained new supply and proximity to demand drivers including Meta, Snowflake and Stanford support the asset’s trajectory. We are pleased to support Ensemble as it assumes full operational control of the property.”
Luthra said Hotel Nia’s fundamentals align with Newbond’s investment thesis.
“This financing provides a tailored solution for the property and its sponsor, Ensemble,” he said. “The location, design and Ensemble’s operational experience position the asset for continued performance.”
Ensemble is shifting hotel operations to its management platform, Ensemble Hospitality, which has a portfolio of 14 hotels across 12 markets, the statement said. It is led by Cofounder and Chairman Kam Babaoff and Cofounder and CEO Michael Moskowitz.
In December, Newbond named Anjali Agarwal senior vice president of asset management.
