Crestline Selling GA Tech Hotel
Georgia Tech's Spring Street hotel and conference center may have new owners. (As long as they learn all the words to Ramblin' Wreck they'll get on just fine.)
American Realty Capital Hospitality Trust is under contract to buy the 252-room Georgia Tech Hotel and Conference Center at 800 Spring Street from Crestline Hotels & Resorts. It's part of a portfolio of hotels that include Courtyard-branded The Baltimore Hotel and Providence Hotel (in MD and RI respectively) and the Homewood Suites The Stratford Hotel in Connecticut that all-in will cost $102M. American Realty states in an 8-K filing that it plans to fund the buy through debt on the properties, but company officials note “there is no assurance that the Company will be able to secure financing on terms that it deems favorable or at all.” The Georgia Tech Hotel (with more than 30k SF of meeting space) is under a 30-year lease with the Georgia Tech Foundation, ending in 2033, with annual rents at $4.4M, according to the SEC docs.