US Bank has provided a $58.54 million construction loan on the 264-room Omni Hotel at The Battery Atlanta, a mixed-use development project slated as the new home for the Atlanta Braves baseball team in Atlanta, Georgia.
The three-and-a-half-year loan with two one-year extensions was provided to the Omni Hotel & Resorts parent company, TRT Holdings, and a company subsidiary which owns the Atlanta Braves baseball team, according to the intermediary on the deal, HFF.
The 16-story hotel will be part of The Battery Atlanta mixed-use community, which in addition to the hotel will reportedly include 400,000 sq ft of retail and office space, including Comcast’s new regional headquarters, and more than 550 residences.
SunTrust Park, a 41,500-seat stadium, will be the new home of the Atlanta Braves Major League Baseball team beginning with the 2017 season.
The commercial real estate arm at US Bank has provided several construction loans on hotels across the US this year. This included a $36 million loan on a Marriott Hotel in Southern California, a $21 million loan on an upscale hotel in Minneapolis, Minnesota, and a $38 million loan on a Hampton Inn & Suites in Fort Worth, Texas, according to its latest quarterly report.
The commercial real estate arm has a total of $25 billion in loans as of March 31, 2016. The bank’s parent company ranks as the fifth largest commercial bank in the US with $428 billion in assets as of the first quarter of this year and is based in Minneapolis, Minnesota.
TRT Holdings purchased Omni Hotels & Resorts in 1996 and today operates 60 luxury properties (including 14 resorts) across North America.