Financing secured for the Westin Gwinnett Hotel in Duluth, GA
The Westin Gwinnett Hotel in Duluth, Georgia is set to receive a US$74.75 million construction financing loan. The loan will be disbursed by ACRES Capital Corp a direct lender and an SEC-registered investment adviser. The company provides debt capital solutions for the commercial real estate industry on a national platform. Concord Hospitality, based in Raleigh, North Carolina, received the funding.
The Westin Gwinnett hotel in Duluth will be located just 30 minutes from downtown Atlanta. It will feature 348 rooms and 17,607 square feet of conference space. Additionally, there will be a business center, fitness center, restaurants, and a rooftop bar. It will be significantly larger than other hotels and the centerpiece of the Gas South District campus.
Review of the Georgia Westin Gwinnett Hotel in Duluth
Speaking about the project, Mark Laport said, “I am pleased to announce the completion of financing for the construction of the Westin Atlanta Gwinnett Hotel in Duluth. All thanks to ACRES Capital on behalf of Concord Hospitality and its investors. Mr. Laport is President and CEO of Concord Hospitality.
He explained that the Gas South Convention Center and Arena will be anchored and connected by the hotel and the 348-room conference center. According to the President and CEO of Concord Hospitality, the hotel is perfectly located in one of the fastest growing counties in the greater Atlanta market.
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“The complex will meet the growing demand for business and leisure accommodation in the region. This will mainly be due to its proximity to Atlanta. In addition, the fact that it is the only 4-star hotel of its type in this market is an important factor.
So we’re confident that the Gas South District campus will help Westin further differentiate itself by leading the “road to progress” north of Atlanta. Additionally, it has created a distinctive and exciting environment to host a variety of events,” said Mark Fogel, President and CEO of ACRES.
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