Ask any of the 29,708 residents of Atascadero, California, to sum up their love for their hometown, and you’re likely to hear a variety of responses, such as “quality of life,” “rich heritage,” or “walkable main street.”
Known to some road-trippers as the ideal stopping point on the 101 between San Jose and San Diego, Atascadero makes a sensible spot for a savvy hotel business. Such was the strategy when ATS approached North Avenue Capital regarding their purchase of the town’s existing Best Western.
The investment group had visions to elevate the flag of the existing propertyto a Fairfield Inn and engaged NAC to fund the purchase and remodel.
Luckily for ATS, Atascadero’s rural location made the project eligible for competitively priced funding from the USDA’s Business & Industry Loan Program. NAC’s rural lending experts worked with ATS’s management team and the USDA’s California office to secure $12,330,000 in funding, creating 20 jobs and improving one of the town’s most popular hotel properties.
NAC Commercial Lender Edgar Escobar said, “Thanks to close coordination between the USDA and NAC, Atascadero’s Best Western will have a new name, a new face, and a new chapteras a welcoming Fairfield Inn, bolstering the town’s reputation for hospitality and solidifying its reputation as much more than a mere pitstop.”