Canyon Partners provides loan for Embassy Suites development in Atlanta
Canyon Partners Real Estate has provided a $38.7 million loan to Horizon Hospitality Management for the construction of a six-story, 181-room Embassy Suites full-service hotel in Atlanta.
The hotel is located within Atlantic Station, a $2 billion mixed-use development with offices, retail, and multifamily units in Atlanta’s Midtown, and less than a mile from the Georgia Institute of Technology.
The property will feature 121 on-site parking spaces within four below-ground levels of structured parking, 3,000 square feet of meeting space, an indoor swimming pool, a state-of-the-art fitness room, business center, and a restaurant on the ground floor.
Construction is expected to be completed in January 2021.
Horizon will work in partnership with Hilton to complete and operate the Embassy Suites.
“Over 6 million people visited Midtown in 2018, and tourism is expected to continue growing, making it an ideal location for a new Embassy Suites hotel,” says Al Patel from Horizon. “We are looking forward to working with Canyon Partners to make this new asset come to life.”
Over the past five years, Canyon has invested nearly $400 million of debt and equity in hospitality investments nationwide, supporting the financing of approximately $1.4 billion of project capitalization.