Baltimore, MD – Alex. Brown Realty, Inc. (ABR) and Hotel Development Partners (HDP) have announced plans to develop a 115-room Courtyard by Marriott in Alpharetta, Georgia. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $7.2 million in the joint venture. Financing for the project will be provided by the Bank of North Georgia, a division of Synovus Bank.
The joint venture recently closed on the 1.9 acre site located off of Old Milton Parkway directly across from Avalon – the 86-acre mixed-use development that is expected to be a major demand generator for the hotel. “Alpharetta is experiencing a wave of new office and mixed-use construction,” said Allen O’Brien, CEO of HDP. “The Courtyard will be positioned to meet the additional room night demand anticipated from both business and leisure travelers.”
Construction of the 115-room Courtyard is planned to begin this fall. The hotel will feature the brand’s standard offerings including an indoor pool, fitness facility, business center and Courtyard’s Bistro food and beverage concept. “Courtyard by Marriott has a proven track record of delivering a consistent, quality guest experience,” said Fred Cerrone, Founder & Chairman of Hotel Equities and COO of Hotel Development Partners. Hotel Equities, an affiliate of HDP and experienced hotel operator, will manage the hotel.
“The site is ideally located,” said Tom Burton, ABR’s CIO. “It’s within walking distance to Avalon, an abundance of retail and restaurant amenities and also offers easy access to downtown Alpharetta and GA 400. In addition, HDP and Hotel Equities have extensive experience in the Alpharetta market, which we expect will contribute to the success of the asset.” The acquisition represents the first transaction between ABR and HDP.
“We are impressed with Alpharetta’s market growth and the strength of the Courtyard brand,” said John Prugh, president and CEO of ABR. “We expect the Courtyard to produce a solid return for our investors.”
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Hotel Development Partners (HDP) is an Atlanta-based hospitality company with 13 existing hotels in Atlanta, Miami Beach and N. Charleston, SC. This includes 11 Marriott branded hotels and one under development. Principals are Robert J. McCarthy, Allen T. O’Brien and Frederick W. Cerrone. For more information, visit www.hotelequities.com
Hotel Equities (HE) is an Atlanta-based full-service hotel ownership, management and development firm operating more than 100 hotels throughout North America. Frederick W. Cerrone, CHA, serves as Chairman and Chief Executive Officer. Brad Rahinsky serves as President and Chief Operating Officer. For more information, visit www.hotelequities.com