Gambrills Hotel Taps Into C-PACE Funding To Be Energy Efficient

GAMBRILLS, MD — The Microtel at Waugh Chapel Towne Center, a planned five-story, 79-room hotel currently under construction, will open in July 2020 as a structure that utilizes energy efficiency and water conservation measures.

These efforts are estimated to save more than $1.6 million in energy and water costs during a 20-year period. Counterpointe Sustainable Real Estate recently closed on $1.9 million, 20-year Commercial Property Assessed Clean Energy (C-PACE) financing through the Maryland Commercial PACE program with the funding focusing solely on the environmental efforts.

Shannon Smith, vice president of The Reliable Companies, said the C-PACE funding allows each room within the hotel to be built more energy efficiently while keeping the overall cost of capital down.

“We are excited to see an owner tap the program as a resource for new construction,” said Maryland Clean Energy Center Executive Director Katherine Magruder in a statement. “This project is a win because it will ultimately support jobs in the state for initial construction and create future jobs for operation of the new hotel, along with the associated tax revenue for Anne Arundel County.”