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| 278-Room Sheraton Suites Galleria-Atlanta, 2844 Cobb Parkway, Atlanta, GA |
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged a $31 million refinancing for Sheraton Suites Galleria-Atlanta, a 278-room, all-suite, full-service hotel in Atlanta, Georgia.
The HFF team worked on behalf of the borrower, Olshan Properties, to place the five-year, floating-rate loan with Mesa West Capital. Loan proceeds will be used to retire the existing loan, repatriate sponsor equity and cover closing costs and financing fees.
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| Nicole Aguiar |
The borrower purchased Sheraton Suites Galleria-Atlanta in August 2013 and has invested more than $11 million in implementing a property improvement plan to transform the hotel into a state-of-the-art Sheraton, which included renovating guestrooms, corridors and the lobby; adding a Sheraton Club Lounge and Grab-and-Go outlet; and modernizing elevators.
Additional planned improvements are upgrading meeting space, building exterior and the food and beverage outlets, The Grill and Martini’s Bar. The hotel, which is part of the Marriott family, also features a fitness center, business center and indoor/outdoor pool.
Sheraton Suites Galleria-Atlanta is located at 2844 Cobb Parkway in northwest Atlanta adjacent to the Cumberland Shopping Center, across the street from the Cobb Galleria Convention Centre and across Interstate 285 from the newly-built SunTrust Park, the new home of the Atlanta Braves within The Battery Atlanta, a $1.1-billion mixed-use development.
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| Daniel Kaufman |
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| Jeff Bucaro |
Sheraton Suites Galleria-Atlanta is located at 2844 Cobb Parkway in northwest Atlanta adjacent to the Cumberland Shopping Center, across the street from the Cobb Galleria Convention Centre and across Interstate 285 from the newly-built SunTrust Park, the new home of the Atlanta Braves within The Battery Atlanta, a $1.1-billion mixed-use development.
The HFF debt placement team representing the borrower consisted of senior managing director Danny Kaufman, senior director Jeff Bucaro and directors Nicole Aguiar and Matt Casey.
CONTACTS:
DANNY A. KAUFMAN
HFF Senior Managing Director
(312) 528-3678
JEFFREY G. BUCARO
HFF Senior Director
(312) 528-3678
NICOLE AGUIAR
HFF Director
(312) 528-3678
MATT CASEY
HFF Director
(404) 832-8460
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
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