Knighthead Funding Originates $36 Million Loan to Refinance Newly Constructed Kimpton Overland Hotel in Atlanta, GA

USA, Greenwich, Connecticut. January 29, 2019

Knighthead Funding, LLC has provided a U.S. subsidiary of Switzerland-based private real estate investment firm ACRON with $36 million in short-term first mortgage debt to refinance a newly constructed luxury destination hotel at the Hartsfield-Jackson Atlanta International Airport. The financing is secured by the Kimpton Overland Hotel, formerly Solis Two Porsche Drive, a full-service, 214-key hotel with 9,500 square feet of meeting space, a high-end restaurant, rooftop and lobby lounges, indoor pool, and fitness center.

Proceeds from the three-year, fixed rate loan will be used to take out the existing construction loan and provide working capital for the continued stabilization of the ACRON-developed hotel, which opened in November 2017. The hotel benefits from numerous demand drivers, including the current $6 billion-dollar expansion of the Hartsfield-Jackson Atlanta International Airport, and Aerotropolis Atlanta a community-derived development plan to drive economic investment, job growth and quality of life around the airport.

Kimpton Overland is adjacent to the $100 million Porsche Cars North America headquarters, the first major development within the 122-acre Aerotropolis Atlanta. Home to 400 employees, the 27-acre Porsche facility includes an industry-first customer experience center with a 1.6-mile test track and road course. The Atlanta Porsche facility has attracted more than 150,000 visitors in its first year of operation. The common areas and many of the rooms at Kimpton Overland offer views of both the airport runways and the Porsche test track.

"In addition to helping replace the 1,000 hotel rooms that will be lost over the next five years as a result of the airport's expansion, the supportive nature of the development in the immediate area will contribute to the overall success of the stabilization of the asset," said Knighthead Funding East Coast Originator, Brian Sullivan, who originated the financing.


Knighthead Funding, LLC
/ SLIDES
Tags: Knighthead, Knighthead Funding, hotel, financing, finance, CRE, lending, loan, loans, lender, bridge financing, bridge loan, refinance, Kimpton, Kimpton Overland, Atlanta

About Knighthead Funding

Media Contact:

Bruce Beck
President
DB&R Marketing Communications, Inc.
T: 805-777-7971
E: bruce@dbrpr.com
W: http://www.dbrpr.com

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in September 2019...

Hotel Group Meetings: Uncommon Destinations

The last few years have been good to the Hotel Group Meetings industry and that trend is expected to continue into 2019. Planners are brimming with confidence due to an expanding economy and increased job creation, which typically results in a boost in corporate meetings. Given this promising outlook, planners are trying to outdo themselves to satisfy the high expectations of their clients. One notable trend is to integrate unusual settings into the meeting experience, hosting groups at local zoos, aquariums, museums, event centers, or other outdoor facilities. The goal is to embrace uncommon destinations, rather than a typical hotel conference room, so that meetings can be memorable, unique and stimulating. This is also part of another trend which is to support all things local - from hosting events at landmark city venues; to catering through local restaurants, food trucks and microbreweries; to hosting off-site excursions like agri-tours, athletic events or scenic 5k routes. However, though the setting might be spectacular, there are still some bedrock components that must be provided to ensure a successful meeting. Free, high-speed Wi-Fi is still one of the most requested services. Planners have to make sure that a comprehensive communication infrastructure is in place so clients can easily connect - and stay connected - to the network throughout the entire meeting experience. Also, technology tools can be used to streamline the booking, registration, and check-in process, and Radio Frequency Identification (RFID) materials can be utilized to ensure seamless access to conference events. There are also numerous software tools that encourage audience participation, as well as integrating polls, Q&A, surveys and games into speakers' presentations. The September Hotel Business Review will examine issues relevant to group meetings and will report on what some hotels are doing to promote this sector of their operations.