In Brief: The Ritz-Carlton in Savannah, Georgia, has successfully secured a substantial $104.5 million in construction financing, paving the way for a major redevelopment of the luxury hotel.
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Ritz-Carlton Savannah. Image Credit TMGOC Ventures
Walker & Dunlop, Inc. has arranged a $104.5 million loan to finance the construction of the Ritz-Carlton Savannah, a 15-story hotel located in Savannah’s Historic District.
Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Hospitality Advisory arranged the $104.5 million construction financing for TMGOC Ventures, with capital provided by The LCP Group, L.P. The transaction was facilitated by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer, and Jason Schwartzberg of Walker & Dunlop’s Advisory team, with Jay Morrow and Carter Gradwell of the Hospitality team assisting and advising TMGOC Ventures.
TMGOC Ventures will use federal and state historic rehabilitation tax credit programs for the project, allowing for tax credits for qualified expenditures and participation in local property tax abatement programs.
The project will redevelop two existing office buildings into a 168-key Ritz-Carlton hotel spanning 190,000 square feet, with amenities and multiple food and beverage outlets across the lower level, ground floor, second floor, and rooftop. Originally constructed in 1911, the property is recognized as downtown Savannah’s first skyscraper, its tallest building, and a designated historic structure.
The Ritz-Carlton Savannah is located in the Historic District, an area with zoning that limits high-density hotels and prohibits demolition of historic structures. The site is near River Street, City Market, Forsyth Park, and the convention center, with other nearby locations including the Plant Riverside District, Broughton Street, the Savannah College of Art & Design, and the Port of Savannah.
