The Westin Gwinnett Hotel in Duluth, Georgia, is set to benefit from a US$74.75 million construction finance loan. The loan will be disbursed by ACRES Capital Corp a direct lender and SEC-registered investment adviser. The company provides debt capital solutions for the commercial real estate industry on a nationwide platform. The Raleigh, North Carolina-based Concord Hospitality received the financing.
The Westin Gwinnett Hotel in Duluth will be located only 30 minutes from downtown Atlanta. It will include 348 rooms and 17,607 square feet of conference space. Additionally, there will be a business center, a fitness center, restaurants, and a rooftop bar. It will be noticeably bigger than the other hotels and the centerpiece of the campus of the Gas South District.
Commentary on the Georgia Westin Gwinnett Hotel in Duluth
Speaking on the project, Mark Laport said, “I am happy to announce the completion of the construction financing for the Westin Atlanta Gwinnett hotel in Duluth. This is all thanks to ACRES Capital on behalf of Concord Hospitality and its investors.” Mr. Laport is the president and CEO of Concord Hospitality.
He explained that the Gas South Convention Center and Arena will be anchored and connected by the 348-room hotel and conference center. According to the Concord Hospitality president and CEO, the hotel is perfectly situated in one of the counties with the quickest growth rate in the greater Atlanta market.
“The resort will satisfy the expanding demand for business and leisure accommodations in the area. This will be mainly due to its close proximity to Atlanta. Moreover, the fact that it is the only 4-star hotel of its kind in this market is a big factor.
We are therefore confident that the campus in the Gas South District will help Westin further distinguish itself by forging the “path of progress” north of Atlanta. Furthermore, it has created a distinctive and exciting environment for hosting a variety of events “said Mark Fogel, president, and chief executive officer of ACRES.