The electric vehicle start-up Rivian announced that it will delay construction on its Georgia plant and instead begin production on new models at its existing plant in Illinois. The company says it will save $2.5 billion by delaying the Georgia plant, 45 miles east of Atlanta. Rivian plans to launch the R2 EV truck in the first half of 2026, so if the automaker waits for the full launch of the new vehicles, Georgia could be on hold for another two years at least.

The Georgia site was first announced with great fanfare in late 2021. The $5 billion project was hailed as one of the biggest economic development projects in Georgia history and a sign of Georgia’s growing role in the electric vehicle industry.

The project was originally set to break ground in early 2022 but has been slowed by legal challenges to the incentives offered to the California-based company and supply chain and other manufacturing woes.

Ashford Hospitality Trust is looking to raise capital by selling off some assets. Five of those properties are in Georgia. One is the 444-room Ritz-Carlton Atlanta. The other assets at various stages of being available for sale:

• 351-room Hyatt Savannah – Savannah, GA
• 86-room Hampton Inn Lawrenceville – Lawrenceville, GA
• 90-room SpringHill Suites Kennesaw – Kennesaw, GA
• 87-room Fairfield Inn Kennesaw – Kennesaw, GA

The Company is unlikely to sell all these assets but plans to determine which assets capture the most attractive valuations and provide sufficient proceeds levels above allocated debt balances and mortgage release prices. The company is also working with lenders to refinance its loans secured by several other hotels under their umbrella.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. Ashford reported total indebtedness of $3.6 billion, including $3.3 billion of variable-rate debt. At the end of 2022, the company owned 100 hotels with more than 22,300 rooms.