Legacy Ventures has closed an $83.5 million 10-year fixed-rate loan for the 321-suite Embassy Suites Atlanta at Centennial Olympic Park in Atlanta. Developed by Legacy in 1999 as the first building to be constructed on Atlanta’s Centennial Olympic Park and the first new-build hotel in 15 years, the Embassy Suites has anchored Legacy’s downtown Atlanta portfolio since inception.
Today, the park-fronting property is at the epicenter of the Centennial Park District – Downtown Atlanta’s convention and entertainment hub. The hotel enjoys proximity to the Georgia World Congress Center, as well as other strong demand drivers such as Mercedes-Benz Stadium, State Farm Arena, and the Georgia Aquarium. The hotel is also near the future Centennial Yards project, a $5 billion mixed-use development projected to reshape the area currently known as the Gulch into a 40-acre mini-city.
“Legacy Ventures’ commitment to satisfying both guests and investors has led to the company’s success in the Centennial Park District and beyond”, said David Marvin, Founder and President of Legacy Ventures. “In 1999, we had a handful of corporate employees and a vision of what the Centennial Park District might become. Today our downtown team is over 800 strong encompassing five hotels and a dozen restaurants.” Legacy operates in four states as both owner-operator and as third-party manager. “Legacy Ventures seeks new development, acquisition and management opportunities, but the Embassy Suites Atlanta will continue to anchor our long-term portfolio.”