Foundation invests in Las Vegas, N.M., hotels

The Santa Fe Community Foundation is now a small part owner of the Plaza Hotel and La Castañeda Hotel in Las Vegas, N.M., after investing part of the dedicated funds from its Impact Investing Initiative. The majority is owned by Winslow Arts Trust, a 501(c) (3) public benefit corporation established by Allan Affeldt, who also has leveraged expertise and innovative financing tools with US Bank and Clearinghouse CDFI.

The total transaction was just over $10 million and leveraged nearly $3 million in New Market Tax Credits, a program of the U.S. Treasury designed to incentivize investment in distressed communities, an announcement said.

Bill Smith, president and CEO of the Santa Fe Community Foundation, said the foundation for decades has been providing grants to nonprofits in Las Vegas and San Miguel County, but, “This is our first impact investment into Las Vegas and we are proud to be part of the economic revitalization of the city and of these two historic properties.”

La Castañeda was built in 1898 and attracted railroad travelers as well as locals. Similarly, the Plaza Hotel, built just six years earlier, had many rail passengers stopping to visit its Victorian charm. The Plaza Hotel was renovated in the 1980s and from 2006 to 2015 additions (such as the old Ilfeld Department Store building next door), and renovations continued.

The Plaza Hotel is open, with major recent and ongoing improvements. This month, the Range Cafe group of Albuquerque will begin operating the Plaza restaurant. La Castañeda is expected to reopen in fall of 2019.