Thorofare Capital has provided a $45,500,000 floating-rate senior loan for the refinance and renovation of The Gibson Hotel, a 237-key full-service hotel located at 1010 Northgate Drive in San Rafael, California.

The property, formerly operated as a Four Points by Sheraton, is undergoing a full repositioning and rebranding to The Gibson, Tribute Portfolio by Marriott. The business plan includes an extensive $24.8 million capital improvement program ($104,532 per key) encompassing guestroom and corridor upgrades, redesigned lobby and public areas, a new restaurant and bar, enhanced meeting and event spaces, updated fitness center, exterior and landscape enhancements, and replacement of major systems such as HVAC and information technology infrastructure.

Loan proceeds were used to refinance an existing bridge loan, fund renovation and FF&E costs, and establish reserves for capital expenditures and interest carry. The interest-only loan features an initial two-year term with extension options, providing flexibility through completion of the property improvement plan and stabilization.

Upon completion, the hotel will reopen under the Marriott Tribute Portfolio flag with a long-term franchise agreement. The sponsorship team consists of an experienced hospitality ownership and management group with a record of executing renovation and brand conversion strategies across the western United States.