The Gateway Center hotels are the only hotels connected to the World’s busiest airport. Connected to both Hartsfield-Jackson Airport and the consolidated rental car facility via the new ATL Skytrain, these hotels have unparalleled connectivity. The full-service Marriott with its 403 rooms, beautifully designed first-class facilities, and 22,000 net square feet of flexible meeting space has been a market leader since its opening in 2010. The limited-service SpringHill Suites, completed in 2009, features 147 suites and meeting rooms and provides efficient and convenient accommodations for all travelers. The exceptionally designed 204 room Renaissance Hotel, opened in 2017, provides upscale hotel accommodations for the discriminating traveler.
Two of these hotels were capitalized with a unique blend of public and private capital sourced from development authority “PILOT” bonds and conventional construction lenders as part of a six-lender syndicate. This funding represents an allocation of a two-hotel cross collateralized $76 million loan. The balance of the development costs were funded with equity from partners, affiliates and investors of Grove Street Partners, including Jim Stormont.
This unique development authority bond structure was accomplished by creating a legal structure wherein the property is not subject to real or personal property taxes and therefore, the developer agreed to make Payments in lieu of taxes (“PILOT”) which the authority used to fund a portion of the bond debt service. By creating a successful public-private partnership, the City of College Park was able to create jobs, stimulate economic development and substantially increase the demand and profitability of the adjacent Georgia International Convention Center.