Homewood Suites Estes Park
C-PACE financing supports energy efficiency improvements for a 106,652-square-foot hotel in Larimer County
The Challenge
Homewood Suites Estes Park, a new hospitality development in Larimer County, sought long-term financing to incorporate high-performance building systems that would improve energy efficiency, reduce operating costs, and enhance building performance while supporting the property’s long-term value.
The Solution
Through the Colorado C-PACE Program, property owner EA Elkhorn LLC secured $12.24 million in financing from Nuveen Green Capital to fund a comprehensive package of energy efficiency improvements.
The financed scope spans nearly every major building system: a high-efficiency building envelope to reduce heating and cooling loads, upgraded HVAC and domestic hot water systems, LED interior and exterior lighting, low-flow plumbing fixtures, high-efficiency elevators, and energy-efficient pool and spa heaters. Together, these measures are designed to exceed current energy code requirements while reducing energy consumption and improving operational efficiency throughout the life of the property.
By financing the full package through C-PACE, the ownership team was able to secure long-term, fixed-rate capital repaid over 25 years as a line item on the property’s tax bill, allowing the cost of these improvements to be offset by ongoing utility savings rather than paid for upfront.
The Impact
The Homewood Suites Estes Park project represents the 152nd project financed through the Colorado C-PACE Program and the third hospitality project completed in Larimer County in 2026.
Over its financed term, the project is projected to generate $967,651 in lifetime utility cost savings, save 737,760 kBtu of energy, and reduce greenhouse gas emissions by 95 metric tons annually (2,575 metric tons over the life of the project). In addition, the development is expected to support approximately 145 job-years.
About Colorado C-PACE
Colorado C-PACE is a state-enabled program administered by the Colorado New Energy Improvement District (NEID), with oversight from the Colorado Energy Office, that helps building owners and property developers access private-sector financing for the installation of energy efficiency, water conservation, renewable energy, resiliency, and embodied carbon improvements. C-PACE is economically attractive because it offers up to 100 percent financing for existing building retrofit projects and financing for new construction projects not to exceed the lesser of the Total Finance Amount (TFA) or the applicable Total Assessment-to-Value (TATV) tier, with finance terms that extend up to 25 years. In addition, since the financing is tied to the property, the owner is typically not required to sign a personal guarantee. Best of all, well-designed projects are often cash-flow positive, meaning the energy cost savings outweigh the C-PACE payments.
By the Numbers
Project Type:
New Construction
Building Type:
Hospitality
Building Size:
106,652 square feet
C-PACE Project Cost:
$12,240,000
Finance Term:
25 Years
Lifetime Cost Savings:
$967,651
Lifetime Energy Savings:
737,760 kBtu
GHG Emissions Reduction: