Driftwood Capital and Soul Community Planet both acquired properties, and CIM Group provided a loan secured by an Atlanta property.
Driftwood Capital acquires Wylie Hotel in Atlanta’s Old Fourth Ward
Driftwood Capital, a vertically integrated hospitality investment, development and commercial real estate lending platform, has acquired The Wylie Hotel, a brand new 111-key boutique hotel in Atlanta’s historic Old Fourth Ward. The property, which opened in May, is the only independent boutique hotel in Midtown’s booming office and housing market, according to the company. Driftwood will retain the current operator after the acquisition.
Driftwood Capital, which offers high net worth investors direct access to institutional grade hotel assets through its unique syndication model, will present this offering to LP investors for syndication starting in the fourth quarter of 2021.
Located at 551 Ponce De Leon Ave., The Wylie Hotel is the result of the revitalization and expansion of 551 Ponce, a 1920s hotel. The renovation of the original historic structure created a glazed veranda on the first floor , sheltering the beloved Mrs. P’s Kitchen & Bar, as well as an outdoor terrace on the second floor and 11 restored bedrooms. A five-level addition to the rear of the historic building added another 100 rooms, as well as administrative offices and a fitness center. The rooms on the fifth floor have a private terrace with views of the Ponce City Market, located half a block away.
The Wylie Hotel is located in the heart of Atlanta’s Old Fourth Ward, birthplace of Martin Luther King, Jr., and home of the iconic Ebenezer Baptist Church and historic Sweet Auburn District. The property’s location on Ponce De Leon Ave., a main east-west thoroughfare in Midtown, gives it excellent connectivity to many of Atlanta’s other major sub-markets, such as Downtown and Buckhead. Over the past decade, Midtown has rapidly urbanized, transforming into a much sought-after live-work-play community with increasing volumes of Class A office space, upscale hospitality, numerous retail locations and various leisure and entertainment. The Midtown submarket is the fifth largest office submarket in Atlanta with 27.7 million square feet of office space, and it offers a high density of arts and cultural institutions in the Southeast, attracting more than six million visitors per year. The property is also close to Georgia Tech, North Avenue MARTA train station and Hartsfield-Jackson International Airport.
SCP acquires Laguna Riviera Beach Resort
Soul Community Planet (SCP) has acquired the 41-room oceanfront Laguna Riviera Beach Resort (Laguna Riviera). The historic Laguna Beach hotel marks SCP’s first expansion into California and its sixth hotel in total. The acquisition advances SCP’s plan to expand its footprint in communities that align with SCP’s healthy and caring green values.
Opened in 1948, the Laguna Riviera is located directly on the beach just two blocks south of downtown Laguna Beach. Described as part of the French Riviera and the Mediterranean, the resort offers panoramic views of the coast, direct access to surfing and stand-up paddling and offers a variety of room categories, from studios to the seafront to large one-bedroom suites, many with full kitchens, private oceanfront terraces and fireplaces.
The hotel will retain the Laguna Riviera Beach Resort name while undergoing the planned multi-million dollar renovation and repositioning program. The design effort, led by Kelly Ogden of ELK Collective, will infuse the hotel with SCP’s signature ‘Scandi-boho’ design aesthetic, new landscaping and exterior design, and incorporate the distinct SCP brand features throughout. . Once the renovations are complete, the hotel will be renamed SCP Laguna Beach.
SCP announced earlier this year that it will become fully vegetarian at all of its locations, achieve a zero net waste company-wide goal, and standardize all of its rooms to its signature “Peaceful Rooms” design by the end of it. from 2022. These and other SCP brand services and programs are expected to be featured on the new SCP Laguna Beach. It is also expected that SCP Laguna Beach will be home to an SCP Grocery Market, which will feature healthy, local, fresh, and organic foods and drinks, including local craft beer, California wine, kombucha, and coffee, as well. as local handicrafts.
CIM Group grants bridging loan guaranteed by the REVERB by Hard Rock hotel in downtown Atlanta
CIM Group, a community-focused owner, operator, lender and developer of infrastructure and real estate, revealed that a fund managed by a subsidiary of CIM Group has entered into a $ 43.2 million bridge loan to Bolton Atlanta LP to refinance the 195-room REVERB. Hotel by Hard Rock, 245 parking spaces in the adjacent parking lot and a 12 story LED billboard in downtown Atlanta.
The REVERB Hotel opened in December 2020 and marked the introduction of this new hotel concept by Hard Rock International. Located at 89 Centennial Olympic Park Dr. NW in the Castleberry Hill submarket of downtown Atlanta, the property is directly adjacent to Mercedes-Benz Stadium, State Farm Arena, Georgia World Congress Center, and CNN Center.
The 12-story REVERB hotel offers rooms with advanced technologies, communal workspaces, soundproof rooms for personal music sessions or recording podcasts and a designated performance area for live music, everything designed in a modern and urban style. The hotel also offers specialties and beverages, including a cafe, restaurant and rooftop bar with stunning views of the Atlanta skyline. Will James of Colliers arranged the financing for the borrower.