Historic Atlanta Hotel Lands $16M Refi
- May 25, 2017
Ashford Hospitality Trust Inc. refinanced the loan secured for Hotel Indigo Atlanta Midtown, a historic 140-key asset with an existing outstanding balance totaling approximately $15.6 million and a final maturity date in June 2017. The new non-recourse, three-year term with two one-year extension options and an interest rate of 2.9 percent over LIBOR totals $16.1 million.
The loan is interest-only for the first two years with a 30-year amortization schedule based on a 6 percent interest rate starting in the third year. According to Fulton County records, Ashford Trust acquired the property in October 2015 for a price tag of $26 million.
A Georgian revival gem
Located at 683 Peachtree St., Hotel Indigo Atlanta Midtown, formerly known as Cox-Carlton Hotel, was built in 1924 in the Georgian Revival style, being designed by architecture firm Pringle and Smith. Between 1985 and 2004, Days Inn was the franchise operator of the property.
After rehabilitation and renovation, the hotel reopened in October 2004 as part of the Hotel Indigo chain. The building is on the National Register of Historic Places list since November 2006.
The asset is located in close proximity to Interstate 85 and US Route 29, offering easy access to nearby attractions. The list of amenities includes concierge services, on-site health and fitness center, business center, pet-friendly accommodations and high-speed internet, as well as the 683 Midtown Bar and Bistro, which is located in the lobby.
“Having now refinanced all of our 2017 maturities on what we believe to be attractive debt terms, we are looking ahead and have already commenced work on the only loan we have coming due in 2018,” said Douglas Kessler, Ashford Trust’s president & CEO, in a prepared statement.
Ashford’s current portfolio consists of 122 properties encompassing more than 25,000 rooms. The company’s strategy is to invest in upper-scale, full-service hotels at all levels of the capital structure, primarily within the United States.
Images courtesy of Hotel Indigo Atlanta Midtown