Arriba Capital closed a $40 million construction loan for the development of a 128-key Marriott Tribute Portfolio Hotel called The Scoundrel in Gatlinburg, Tenn. Other terms and conditions were not disclosed.The borrower is an experienced, privately-held, hospitality management and development group based in Gatlinburg, according to Arriba. Arriba has financed multiple projects for the borrower.
The new hotel is located in downtown Gatlinburg, which is the gateway to the Great Smoky Mountain National Park and sees more than 3 million visitors annually.