By IvyLee Rosario
Arriba Capital has arranged a $40.7 million ground-up construction loan for the development of a dual-branded Marriott Fairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The non-recourse loan was leveraged to 78 percent of the total project cost, with a two-year term and three, six-month extension options.
Fairfield Inn & Suites acts as the primary brand and TownePlace Suites is Marriott’s extended-stay brand. The 194-key dual-branded lodging project will feature seven stories set atop a 220-space, five-story parking deck. The two hotels will share back-of-the-house elements including laundry, maintenance facilities and mechanical/electrical space. Guests will have access to amenities such as:
- market pantry
- meeting space
- fitness room
- business center
- breakfast area
The property is within close proximity to Emory University Hospital, Georgia Aquarium, College Football Hall of Fame, Phillips Arena, Mercedes Benz Dome, Underground Atlanta, CNN Center, World of Coca-Cola, Fox Theatre, Centennial Olympic Park, Georgia Dome, Georgia Tech University, National Center for Civil and Human Rights and Georgia World Congress Center.
Image courtesy of Wikimedia Commons