Los Angeles, CA – August 27, 2019 – Canyon Partners Real Estate LLC® (“Canyon”) announced today it has provided a $38.7 million loan to Horizon Hospitality Management (“Horizon”) for the construction of a six story, 181-key Embassy Suites full-service hotel in Atlanta, Georgia.
The hotel is located within Atlantic Station, a $2 billion mixed-use development with offices, retail and multifamily units in Atlanta’s burgeoning Midtown and less than a mile from the Georgia Institute of Technology. The property will feature 121 on-site parking spaces within four subterranean levels of structured parking, 3,000 SF of meeting space, an indoor swimming pool, a state-of-the-art fitness room, business center, and a ground floor restaurant. Construction is expected to be completed in January 2021.
Horizon will work in partnership with Hilton to complete and operate the Embassy Suites. Hilton will provide best-in-class branding, as well as access to its comprehensive reservation system, established guest loyalty program and sales team.
“Over six million people visited Midtown in 2018, and tourism is expected to continue growing, making it an ideal location for a new Embassy Suites hotel,” said Al Patel from Horizon. “We are looking forward to working with Canyon Partners to make this new asset come to life.”
Over the last five years, Canyon has invested nearly $400 million of debt and equity in hospitality investments nationwide, supporting the financing of approximately $1.4 billion of project capitalization.
The loan was brokered by Nick Barbaria of Arriba Capital.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $26 billion in assets under management. Over the last ten years, Canyon has invested more than $5.1 billion of debt and equity capital across over 180 transactions capitalizing approximately $13.4 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With over 27 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com
About Horizon Hospitality Management
For more information visit: http://www.horizonhmi.com/
About Arriba Capital
Arriba Capital is a fully-integrated, commercial real estate finance and investment company. We provide asset management, investment banking, capital markets services and advisory solutions. Our seasoned professionals – many of whom have more than 10 years of experience – have worked with hundreds of developers and investors by offering insight and analysis for structuring projects, repositioning assets, negotiating payoffs and providing guidance to enable our clients to achieve successful results in these rigorous markets. Our track record of completed transactions speaks volumes in our ability to execute and deliver competitive and innovative realty capital.
For more information visit: www.arribacapital.com
(310) 652 1411