Sheraton Augusta Gets $13M Construction Loan

AUGUSTA, GA-Stevens Creek Developments has received a $13.6-million construction loan arranged by Jones Lang LaSalle Hotels for its Sheraton Hotel Augusta project. Construction recently began on the 152-room hotel with an opening scheduled in May 2009, according to Sheraton Hotels and Resorts. The lender involved in the transaction was not disclosed.

The hotel is located one mile from Augusta National Golf Club, site of the annual Masters golf tournament. Average room rates in the area run approximately $130 to $180 per night for comparable full-service hotels, though rates during Masters week can easily double that, says Bill Grice, vice president with Jones Lang LaSalle Hotels Financing Group in Atlanta.

“The Augusta MSA has a strong, stable economy, composed of an extensive base of manufacturers, technology-based employers and an expanding service sector,” Grice says. “The diverse industrial base includes production of medical products, pharmaceuticals, golf carts, chemicals, industrial tools and textiles, among others.”