Ascent Hospitality Secures $49.8M Construction Loan For AC & Element Hotel In Birmingham

Ascent Hospitality has secured $49.8 million in construction financing from Peachtree Group (formerly Stonehill) to develop a dual-branded AC & Element hotel at a former office site in downtown Birmingham, Alabama. The development site is located on 20th St in Birmingham and is an ideal location for the hotel project. The loan amount of $49.8 million will be used for the construction of the hotel, highlighting the significant investment made by Ascent Hospitality.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $49,500,000
• Lender: Michael Harper & Jared Schlosser - Peachtree Group
• Landlord: John Tampa - Ascent Hospitality
• Loan Type: Construction
• Market: Birmingham, AL

The financing for this project was made possible through the collaboration of Michael Harper, Jared Schlosser, and Peachtree Group, who acted as the lender. Ascent Hospitality, represented by John Tampa, serves as the landlord for the development site where the hotel will be constructed. This deal showcases the strategic partnerships formed in the real estate industry to facilitate successful ventures.