Companies announce financing for Crowne Plaza hotel in Riverside Village

Ackerman & Co. and Greenstone Properties have broken ground and secured financing for the development of the Crowne Plaza Riverside Village hotel, according to a news release.

 

Ackerman and Greenstone both signed a 20‐year franchise agreement with InterContinental Hotels Group, one of the world’s leading hotel companies.

The five‐story, 180‐room hotel is scheduled to open by the end of 2018. It will include a Wood Fired Grill restaurant, an outdoor pool and event space, a fitness center, a rooftop bar, and more than 7,000 square feet of conference center and meeting space with a ballroom and several meeting rooms. A 417‐space parking deck will provide hotel, ballpark and residential parking.

“This is an important milestone in the development of Riverside Village, a project that will provide outstanding amenities for visitors and the local community as well as a catalyst for further economic development,” said North Augusta Mayor Bob Pettit.

The 30‐acre, $200‐million Riverside Village live‐work‐play development will combine apartment, single‐ and multifamily living, a town center featuring office space, national and local retailers, and diverse dining options, in addition to the new GreenJackets’ ballpark.

“We’re excited to partner with Greenstone Properties to provide the community with an incredible venue that will serve North Augusta’s rapidly growing tourism and business base for years to come. We are especially grateful to the officials and citizens of North Augusta for their support in the planning for this hotel,” said Kris Miller, President of Ackerman & Co.

“As Riverside Village helps redefine North Augusta as a dynamic tourist destination and a great place to do business, the new Crowne Plaza hotel from Greenstone Properties and Ackerman & Co. will be the perfect place for guests to work and play,” said Craig Mueller, a vice president for development at IHG. “We value the commitment that the city of North Augusta, Ackerman and Greenstone Properties have made to embracing the design of this hotel, which will reflect a mix of traditional and contemporary themes. ”

The hotel will cater to business and leisure travelers and offer the brand’s WorkLife guest rooms and Plaza Workspace flexible meeting spaces that are core elements of the Crowne Plaza Accelerate program – IHG’s multi‐year, $200-million transformation of the brand in the Americas region.

The hotel project team includes architects Rabun Rasche Rector Reese and Wakefield Beasley & Associates; general contractor Brasfield & Gorrie; and manager/operator NorthPointe Hospitality Management. State Bank & Trust provided construction financing and North Augusta Mezz Lender LLC, a Chamire Holdings‐led group, supplied mezzanine financing.

Headquartered in Atlanta, Ackerman & Co. is a privately held, full‐service commercial real estate firm focused on providing investment, brokerage, management and development services in the Southeast. The company, founded in 1967, has more than 100 real estate professionals.

Greenstone Properties is a privately owned, boutique real estate firm based in Atlanta.

The Crowne Plaza Hotels & Resorts brand has more than 410 locations around the world.

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