Atlanta Falcons Could Co-own a new 800-1200 Room Downtown Hotel!

As reported by the Atlanta Business Chronicles, Amy Wenk.

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The team is considering being an equity partner in a proposed major new convention hotel in downtown Atlanta.

The Georgia World Congress Center Authority (GWCCA) just released a formal request for proposals to five finalist firms for a planned 800 to 1,200-room hotel on the campus of the Georgia World Congress Center.
It includes several potential incentives for developers, including the Falcons’ interest in providing equity and/or a guarantee of annual room nights.
It could mark another sports team looking for revenue beyond the traditional means. The Atlanta Braves are in the midst of a massive mixed-use project surrounding their new ballpark, SunTrust Park, in Cobb County. It’s supposed to bring the team additional revenue that it can use for operations, including possibly payroll.
A spokeswoman for the Falcons was not immediately available for comment.

Of course, the new GWCC hotel would rise up near the $1.5 billion New Atlanta Stadium, which will house the Falcons when it’s completed in 2017. It would sit where the Georgia Dome does today and next to Building C of the Congress Center.
Besides the Falcons potential involvement, other incentives could include: the Georgia Tourism Development Act, property/ad valorem tax benefits, the Westside Tax Allocation District, state sales and use tax exemptions, and equity participation or incentives from a hotel brand or management company.
“The GWCCA envisions minimal public investment other than the subject real property and a compliment of incentives,” says an addendum to the RFP.
Five development teams are in consideration for the project: Capella Hotel Group, Drew Co., Garfield Public-Private, Legacy Property Group/ Stormont Hospitality, and Matthews Southwest.
The RFP also laid out expectations for the hotel, which if built at 1,200 rooms, could become one of the city’s largest hotels. It would be developed in a public/private joint venture and development costs are estimated to be $207 million to $245 million.
“It is envisioned that the new hotel should create and support new demand for GWCC facilities, promote larger events in adjacent areas of the GWCC, and possibly spur additional development in the area,” says the RFP.
Among the hotel’s features, the GWCCA is looking for 60,000 square feet of meeting space, including a 25,000-square-foot ballroom. It also wants amenities such as an “upscale steakhouse, a large sports bar, a casual three-meal restaurant, specialty coffee shop and several lounge bars.”

It’s expected the finalists will submit along with their proposals the hotel brand each is considering. The GWCCA is seeking a “nationally recognized upper upscale to luxury brand affiliation,” according to the RFP.

The deadline to submit proposals is Oct. 1. GWCCA expects to award the project by Oct. 30.

posted: Aug 12, 2015 | No Responses

Posted by:  Krish Dhokia

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