Alex. Brown Realty, Hotel Development Partners JV to develop Courtyard by Marriott in Georgia
Alex. Brown Realty and Hotel Development Partners (HDP) have plans to build a 115-room Courtyard by Marriott in Alpharetta, Georgia, US.
ABR Chesapeake Fund V, a real estate fund sponsored by ABR, has invested $7.2m in the joint venture.
Bank of North Georgia, a division of Synovus Bank, will provide financing for the project.
The JV recently closed on the 1.9 acre site located off of Old Milton Parkway directly across from Avalon, the 86-acre mixed-use development.
HDP CEO Allen O'Brien said: “Alpharetta is experiencing a wave of new office and mixed-use construction.
“The Courtyard will be positioned to meet the additional room night demand anticipated from both business and leisure travelers.”
Development of the 115-room Courtyard is expected to commence this fall.
The hotel will feature an indoor pool, fitness facility, business center and Courtyard’s Bistro food and beverage concept.
Hotel Equities founder & chairman and Hotel Development Partners COO Fred Cerrone said: “Courtyard by Marriott has a proven track record of delivering a consistent, quality guest experience.”
Hotel Equities is an affiliate of HDP and hotel operator. It will manage the hotel.
ABR CIO Tom Burton said: “The site is ideally located. It’s within walking distance to Avalon, an abundance of retail and restaurant amenities and also offers easy access to downtown Alpharetta and GA 400. In addition, HDP and Hotel Equities have extensive experience in the Alpharetta market, which we expect will contribute to the success of the asset.”
The purchase represents the first transaction between ABR and HDP.
ABR president and CEO John Prugh said: “We are impressed with Alpharetta’s market growth and the strength of the Courtyard brand. We expect the Courtyard to produce a solid return for our investors.”