financeHotels Magazine··1 min·For: Owner, Investor, GM, Revenue
Financing Secured for Ritz-Carlton Savannah Development
Walker & Dunlop has secured $104.5 million in construction financing for TMGOC Ventures to develop a 168-key Ritz-Carlton hotel within Savannah's Historic District.
Key Takeaways
- 1Leverage historic rehabilitation tax credits and property tax abatements to offset high development costs in historic districts.
- 2Capitalize on high barriers to entry in markets where zoning limits high-density hotels and prohibits demolition of historic structures.
- 3Anticipate strong demand for luxury stock in underserved markets like Savannah, which currently lacks sufficient premium inventory.
Source: Hotels Magazine
Keep reading
Our reporting
More in finance