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: [email protected]
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 November 2021...

Architecture & Design: Wellness is Key


Like every other facet of hotel operations, architecture and design firms are adapting their work to ensure the safety and well-being of both guests and staff. New ways to bring Wellness into hotel spaces are being explored and these solutions are taking on many forms. Hotel designs are incorporating more open floor plans, open air spaces, high ceilings, outdoor areas and operable walls into their spaces. Guests no longer want to be packed into tight areas. More "biophilic" elements are also being incorporated, offering guests the sense of being outdoors. Another trend is the reimagining of guest rooms to support remote work capabilities. Some hotels are converting empty guest rooms into office spaces, complete with effective lighting and suitable backgrounds for video conferencing. Dedicated Zoom Rooms are also becoming increasingly popular. The main goal is to provide guests with a positive experience in a space that feels safe and comfortable. These are some of the architecture and design subjects that will be covered in the November issue of the Hotel Business Review.