Atlanta Embassy Suites Hotel Scores $39M Loan
- Aug 29, 2019
Horizon Hospitality Management has obtained $38.7 million in construction financing for Embassy Suites Atlantic Station, a 181-key full-service hotel in Atlanta. Canyon Partners Real Estate provided the funds and Nick Barbaria of Arriba Capital brokered the loan. Construction is slated for completion in January 2021.
The hotel is set to rise within Atlantic Station—the $2 billion mixed-use development in Atlanta’s Midtown—at the intersection of 17th and State streets, one mile north of the Georgia Institute of Technology. The site is close to interstates 75 and 85, and Hartsfield-Jackson Atlanta International Airport is 12 miles south.
Designed by Lindsay Pope Brayfield Clifford & Assoc., the six-story development will feature four subterranean levels of structured parking, 3,000 square feet of meeting space, an indoor swimming pool, fitness room, business center ground-floor restaurant. Embassy Suites Atlantic Station will also have access to Hilton’s reservation system, guest loyalty program and sales team.
According to Al Patel, chief development officer at Horizon, more than 6 million people visited Midtown in 2018 and tourism is expected to continue growing. In that respect, Atlanta is one of the three locations where Hilton will launch its new brand.