ATLANTA — PMZ Realty Capital LLC, a national boutique real estate investment-banking firm, has obtained an $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 in meeting space. The property will become the fourth loan PMZ Realty Capital LLC has closed 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 guest rooms and public areas were performed,” said Peter Berk, President, PMZ Realty Capital-Hotel Finance Group. “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,” commented David Marvin, Founder, and President, Legacy Ventures. “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 two-bedroom suites, 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.