TMGOC Ventures inked a $104.5 million loan to facilitate the construction financing for the Ritz-Carlton Savannah, a 15-story luxury hotel located in the heart of Savannah’s Historic District.

Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Hospitality Advisory partnered to arrange the transaction for TMGOC Ventures. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer, and Jason Schwartzberg of the Advisory team arranged the capital provided by The LCP Group.

TMGOC will also utilize federal and state historic rehabilitation tax credit programs, allowing for tax credits for qualified expenditures and local property tax abatement programs.

Upon completion, the hotel will comprise the historic redevelopment of the two existing office buildings into a 168-key Ritz-Carlton hotel. Originally constructed in 1911, the property holds the distinction of being downtown Savannah’s first skyscraper, its tallest building, and a designated historic structure.

The property is situated in Savannah’s Historic District.

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TMGOC Ventures has received approval from a local review board to bring the first Ritz-Carlton to the Georgia city. Construction on the 104-room hotel and 20 residences is scheduled to begin in the second quarter of 2024, with a proposed opening date within the first quarter of 2026.

The hotel will occupy the historic “Savannah Skyscraper,” and residences will feature a signature restaurant serving breakfast, lunch and dinner; a lobby lounge; a members-only club; a rooftop bar and pool; a 5,000 square foot spa and wellness facility; and more than 5,000 square feet of meeting space. Residences will offer panoramic views of the downtown skyline and Savannah River, and owners can rent their units through the operating company.

The luxury hotel development will be owned by TMGOC and operated by The Ritz-Carlton, a Marriott International brand. In addition to the 104-room hotel, TMGOC will be renovating the neighboring 10-story building at 14 E. Bryan St. and adding three floors to accommodate 20 residences, a rooftop pool and lounge.