ACRES issues $74.75 million loan for Westin Gwinnett in Duluth, GA
Loan to finance the construction of the 348-Key hotel
DULUTH, Ga., July 18, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a nationwide mid-market commercial real estate lender, has launched a $74.75 million loan to finance the construction of the Westin Gwinnett Hotel in Duluth, Georgia.
“The proximity of the establishment to Atlantacoupled with being the first 4-star hotel of its kind in this market, will meet the growing demand for business and leisure accommodations in the region,” said ACRES Chairman and CEO Marc Fogel. “The Gas South District campus has created a distinctive and exciting atmosphere to host a variety of events, and we believe this will help Westin further distinguish itself by leading the ‘path of progress’ north of Atlanta.”
Located just 30 minutes north of downtown Atlanta, the hotel will serve as the flagship hotel for the Gas South District campus. Significantly larger than neighboring hotels, the Westin will feature 348 rooms, 17,607 square feet of meeting space, a business center, fitness room, restaurant and rooftop bar.
“On behalf of Concord Hospitality and its investors, I am delighted to announce the closing of the Westin Atlanta Gwinnett construction loan with ACRES Capital,” said Marc Laport, President and CEO, Concord Hospitality. “The 348-room hotel and conference center will be anchored and attached to the Gas South Convention Center and Arena. The hotel is ideally located in one of the fastest growing counties in the greater Atlanta market. Various stakeholders recognize the exciting future of the Westin Atlanta Gwinnett, which will become one of the most distinctive upscale hotel developments in the region. »
The loan was granted to Concord Hospitality, based in Raleigh, North Carolina.
ACRES is a nationwide direct lender and SEC-registered investment adviser providing construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $15 million at $100 million range, including multi-family, student accommodation, retail, office, hospitality and industrial. Contact us at www.acrescap.com or at (516) 535-0015.
SOURCE ACRES Capital, LLC