Located in Towson, Maryland, the Sheraton Baltimore North wanted to improve hotel operations by reducing operating costs and improving guest comfort. The hotel sought technical expertise and financing to oversee and fund the energy efficiency project.
NYCEEC provided a $2.4 million loan to fund Ecosave’s energy services agreement (ESA) for the Sheraton Baltimore North.
- Project type: Energy efficiency
- Total project cost: $2.7 million
- Financial product: Energy services agreement loan
- NYCEEC role: $2.4 million loan
THE CLIENT CHALLENGE
The Sheraton Baltimore North sought to reduce operating expenses and modernize building systems. However, hotel management lacked the technical expertise and funding to identify, implement and maintain the energy efficiency upgrades.
THE NYCEEC SOLUTION
Ecosave structured a turnkey retrofit solution for the Sheraton Baltimore North using an ESA that maximized energy savings and guaranteed project performance. NYCEEC provided a $2.4 million loan to fund the ESA, allowing Sheraton Baltimore North to begin construction at no initial cost.
The Sheraton Baltimore North is significantly improving its energy performance and guest comfort at no upfront cost and minimal performance risk.
- Enhanced guest comfort
- Significant energy savings in an energy intensive sector
- Improved building performance and operations
- No upfront cost or no additional debt
- Demonstrates corporate commitment to environment
LED lighting, air handling units, variable frequency drives on pumps and fans, building automation system upgrades
“NYCEEC’S financing solutions helped us and our customers. We can close more deals by approaching building owners with financing in hand. Our customers are achieving lasting energy savings and increased cashflow.”
– Marcelo Rouco | CEO, Ecosave (Project Developer)