The Hotel Marcel in New Haven, CT is anticipated to be the first Net-Zero and first Passive House certified hotel in the U.S. The iconic building, part of Hilton’s Tapestry Collection, is a highly striking -if imposing- structure (originally built in the “Brutalist” architectural style) off Interstate-95. The building will utilize solar power paired with battery storage to generate and store its own electricity for lighting, heating, cooling and hot water for its common areas. Hotel Marcel is expected to operate without the use of fossil fuels, which will result in anticipated zero carbon emissions. As many in the clean energy space understand, these measures not only enhance the experience and health of guests, visitors and employees – they drive energy efficiency and profound savings. How did this exciting, energy efficient project come to fruition? Nuveen Green Capital Director of Originations, Mike Doty will share the “behind-the-scenes” story of the project from start to finish, including: • the history of Hotel Marcel, a landmark Pirelli building (which was re-named after the building’s architect, Marcel Breuer) • the sponsor’s initial inspiration to pursue and invest in clean energy, and his team’s desire to become the first Carbon Net-Zero Hotel and secure Passive House certification • Mike/Nuveen Green Capital’s role in the process o how the owners invested in C-PACE (Commercial Property Assessed Clean Energy) financing, which provides commercial property owners access to low-cost, long-term, fixed-rate capital when they invest in energy efficiency, water conservation, and renewable energy initiatives to see this to fruition • what and how the team overcame the challenges they faced in this significant undertaking • what the energy efficiencies will mean for the building, as well as its guests and employees’ experience in a Passive House environment • from a broader perspective, Mike will explore why this is so important; what this project means for the hospitality industry, as well as other commercial real estate projects • given recent mandates on the national (passing of the IRA) and state-level (i.e. BERDO in MA), how to help CRE owners raise awareness, and the capital to scale more projects like this • how and why it is important to move forward with projects, even in the face of rising rates and a down economy Why is it important right now? Commercial real estate buildings currently make up 50% of carbon emissions. As significant attention is being paid to the CRE industry, it is incumbent upon property owners to employ sustainability measures as a cost of doing business. No longer will clean energy initiatives be an option in the built space as the focus on the environment and the importance of sustainability are now front and center. Why Is This Session Important? It is important because it will help shed light on the importance of clean energy initiatives, while explaining that the financing can be efficient, turnkey and affordable within a property owner’s capital stack. Not only this, because the session will be hosted by Mike (one of the most enthusiastic and likable people ever) and explained through the lens of a fascinating project, it will be made more captivating and inspiring to the audience. We hope that this session adds to the groundswell and meaning of this important and timely conference. The big questions or challenges it will address: Energy efficiency mandates are being enacted on a national and state-level; more and more, commercial real estate owners are being called upon to take action and employ sustainability measures in their projects. Not everyone’s project can be like the Hotel Marcel. So, how can CRE owners faced with challenging times and rising interest rates fund these projects? Many may be tempted to delay or hold off. However, there are scalable solutions to help bridge projects (both large and small) to completion. Theme: This session relates to the conference theme of Scalable Solutions because there is an increased need for multifamily housing, as well as new or repurposed buildings on a national level. This, combined with the climate crisis and our government’s focus on the solutions, have placed sustainability at the forefront of our collective focus. Mission minded organizations, individuals, and companies are now in a position to capture more people’s attention and scale their work. The mission of Nuveen Green Capital is to demonstrate to property owners that saving energy is smart business, and to help expand our reach nationally. Not only does our firm have 10 originations teams working tirelessly around the country, we also have teams working in the policy space helping to secure C-PACE legislation, as well. While Mike’s session will obviously not directly promote our business, it should be noted that the passionate leadership team of Nuveen Green Capital has intentionally built the business so that it is prepared to scale, as more and more property owners are being made aware of this invaluable financing option. While our company is not the only one to offer C-PACE financing, we are widely considered to be the leader in the field. For this reason, as well as for the collective, passionate vison that Mike will share, we would be proud to join BuildingEnergy Boston to present an inspiring and interesting case study about the groundbreaking Net Zero Hotel Marcel, provide revelatory information about the industry and practical financing options – even in the face of economic uncertainty, as well as augment the message of this important conference.