Buckhead, off Downtown, is known for its toney shops, upscale office buildings and luxury hotels. Now, Mark McClure wants to add a $20-million specialty hotel to the mix. The construction cost equates to $117,647 per room.
He plans to build a 12- to 15-story facility with 170 rooms on a one-acre piece of land on Pharr Road in the entertainment district of Buckhead. Currently on the property is Bell Bottoms, a night club.
Rooms would go for $150 to $500 per night. McClure is negotiating on the land and expects to close the deal by January and begin construction in March.
He is also talking to the Noble Investment Group to develop and manage the property. Noble owns the Homewood Suites in Buckhead and recently bought the Holiday Inn in the area. Noble is considering converting the Holiday Inn to a Crowne Plaza Hotel.
McClure and a group of private investors plan to ante up about 30% of the development cost and finance the rest with a construction loan.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
