PMZ Realty Capital, a national boutique real estate investment-banking firm, obtained a $82.5 million floating rate loan for the Embassy Suites Atlanta-at Centennial Olympic Park, a 321-suite hotel with more than 16,000 square feet of meeting space. The property will become the fourth loan PMZ Realty Capital closes for hotel owners Legacy Property Group.
“A floating rate loan worked well for this particular property because the hotel had just undergone a major $10-million renovation over the last year. Rooms throughout the hotel were taken out of service as upgrades including a complete renovation to all the guestrooms and public areas were performed,” Peter Berk, president, PMZ Realty Capital-Hotel Finance Group, said in a statement. “There was significant interest in the lending community for this loan due to its trophy quality and irreplaceable location adjacent to the Georgia World Congress Center and the Georgia Aquarium.”
“This loan allowed us to retire our existing financing and provided a stabilization period for the asset now that the renovation is complete. By providing us with multiple financing options, PMZ allowed us to find the best lender suited to our specific needs,” David Marvin, founder, and president, Legacy Ventures, said in a statement. “As a longtime supporter of Atlanta and the resurgence of their downtown market and the Centennial Park District, it’s especially significant to continue to revitalize this area. This renovation helps us continue down that path and invest in the future of the city.”
The Embassy Suites Atlanta-at Centennial Olympic Park is located in downtown Atlanta, 8 miles from the Hartsfield-Jackson Atlanta International Airport. The contemporary-style hotel has 321 two-bedroom suites, 16,000 square feet of meeting space and an outdoor pool and spa. It is adjacent to Georgia Aquarium and the World of Coca-Cola in the Luckie Marietta District.