Atlanta, one of the hottest tourism markets in the United States, is about to get two luxury hotel brands within one property, thanks to the new dual-brand Fairfield, TownePlace site that is planned there.
According to reports, Arriba Capital recently secured a $40.7 million construction loan to start on a ground-up property. This property, once completed, will have 194 rooms, and it will be a dual-brand Marriott Fairfield Inn & Suites and Towneplace Suites. It will be located in the increasingly popular midtown Atlanta area.
The Advantages of Being Dual-Brand
By offering both the Fairfield Inn & Suites as well as the TownePlace Suites brands within one property, the operators and investors with Arriba Capital will have the ability to cater to a larger demographic than they would with just one brand. Experts say this move will also help those running the new property to save on expenses.
There will be ample on-site amenities within this new property as well, with those including a market pantry, meeting spaces, a fitness room, and a business center. Meanwhile, the two hotels will also share a common front of the house area, which means that there will be only one space for activities such as registration, breakfast serving and fitness. While shared back of the house amenities will be laundry areas, a maintenance area and the mechanical/electrical infrastructure.
A Great Location
Basically, for those who aren't familiar with the dual-brand concept, think of this as two excellent hotels teaming up to create one shared space in one of the United States' fastest rising cities. This reduction of cost also makes Atlanta's vaunted Midtown Atlanta area more reasonable for the hotel.
In fact, this particular hotel will be located directly across the street from the Emory University Hospital, and it will be set within walking distance to several major attractions in the city. For sports fans, it will be positioned near some major upcoming events in Atlanta, including the Super Bowl in 2019, the NCAA College Football Championship in 2020, and the NCAA Final Four, which will also be held in 2020.
Information about the Borrower
The borrower for this property is a hospitality management and development company that is private held. Currently, the company owns and operates 22 premium brand properties throughout the American southeast region.
Arriba Capital is a commercial real estate capital markets firm, and it too has offices throughout the entirety of the United States. Arriba provides asset management, investment banking, capital markets services and advisory solutions for a wide variety of commercial real estate properties, including apartments, shopping centers and retail strips, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels and self-storage facilities.
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