ANCHORAGE, ALASKA — PACE Loan Group (PLG) has arranged $5.5 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) financing for the Aviator Hotel in Anchorage. The historic hotel, located at 239 W. 4th Ave., is undergoing renovations.
Once renovation is complete in 2024, the Aviator Hotel will be a high-end boutique hotel with 252 rooms and suites, a retail store, coffee shop, brewery and a bar and restaurant that will feature a year-round outdoor deck with views of Denali.
The C-PACER financing is the largest of its kind to date in Alaska, according to PLG. The loan funds the renovations at the 1970s-era, three-story hotel, including energy conservation measures such as HVAC upgrades, building envelope, water fixtures, lighting and energy-efficient heating.
The municipality of Anchorage launched C-PACER in May of 2021, with the first loan closing in August 2022.