11 02300 Holiday Inn Refinancing

iBorrow Provides $24.9 Million Refinance to Support Renovations of Downtown Atlanta Hotel

ATLANTA, Georgia, (October 25, 2022) – iBorrow, a nationwide private direct lender for commercial real estate, has provided a $24.9 million bridge loan to refinance a 173-key Holiday Inn Express & Suites asset in Downtown Atlanta, Georgia.

The financing will allow the borrower, a well-known owner/operator of commercial real estate in Atlanta, to implement a strategic property improvement plan at the hotel, according to Brian Good, CEO of iBorrow.

“The sponsor came to us to help upgrade the property,” says Good. “We were ultimately able to fund 100% of the CapEx budget to improve the hotel with renovations including the scheduled property improvement plan (PIP), tenant improvement allowance, and leasing commission reserves. We feel the hospitality sector is experiencing increasing demand in the region and this is a tremendous operator who could execute on his plan.”

Good notes that hotel occupancy in Atlanta is continuing to rise to nearly pre-pandemic levels this year, according to a recent Marcus & Millichap report. While there are some concerns over whether the influx of new development may soften this recovery, the hotel’s exceptional location and experienced ownership position it for success in the market.

“This property is extremely well located in the heart of Downtown Atlanta,” continues Good. “We are confident in the borrower’s business plan, as these renovations will help to keep the property highly competitive amidst new deliveries.”

Good adds that Atlanta is home to the world’s busiest airport, Hartsfield-Jackson Atlanta International Airport: “The city of Atlanta continues to draw in business and leisure travelers from throughout the country and abroad. The metro is home to several convention centers, including Georgia International Convention Center, Georgia World Congress Center, and Atlanta Convention Center, the latter two which are within a mile of the subject property, sustaining demand for quality hotels.”

The property is located at 111 Cone St. NW in Atlanta, Georgia.