FOLLOWING A $10 million renovation, the owner of the Embassy Suites Centennial Park in Atlanta has taken out a $83.5 million fixed rate loan on the property. PMZ Realty Capital arranged the loan.
Owner Legacy Ventures has stabilized the property with the loan, PMZ Realty President Peter Berk said.
“The Embassy Suites Atlanta Centennial Park will continue to grow as more demand generators enter the market,” he said.
This is the fifth loan PMZ Realty has closed for Legacy Ventures.
The 321-suite hotel is located in Atlanta’s Centennial Park near Mercedes Benz Stadium, Georgia World Congress Center, Georgia Aquarium, National Center for Civil and Human Rights Museum and World of Coke. The $5 billion mixed use Centennial Yards project, a $5 billion also is nearby.
“Interest rates continue to be at historic lows and PMZ projects that they will remain there while the economy continues to perform at record levels” Berk said. “Hotel owners should be reviewing their financing options during this low interest rate environment.”
In April, PMZ Realty arranged an $11 million loan for Cary, North Carolina-based CMC Hotels to finance future growth on its Fairfield Inn & Suites by Marriott Raleigh Cary. CMC Hotels operates under President Shahn Chhabra.