Swiss real estate company Acron has completed the financing of the Solís Hotel Two Porsche Drive. The complex is located next to the Porsche Experience Center in Atlanta, Georgia.
The property is located directly adjacent to the Porsche Experience Center in Atlanta, Georgia, and will be the first new hotel on the east side of Hartsfield-Jackson International Airport since the new international terminal opened, according to a press release issued on Tuesday.
The hotel will additionally benefit from its positioning as an airport hotel and the resulting guest demand. Capella Hotel Group will handle long-term management of the hotel, which is slated to open in August 2017, said André N. Lagler, Managing Director at Acron, speaking to finews.asia.
Expansion Already Planned
The Solís Hotel Two Porsche Drive will be part of Porsche’s corporate campus and event center, which opened in May 2015. The facility houses the headquarters of Porsche Cars North America and its 400 employees along with a two-kilometer test track and racing circuit designed to attract some 30,000 visitors per year.
Expansion of the track is already planned based on the increasing use of the facility registered to date. In addition, the campus also features a technical training center, a Classic Restoration Center, exhibition spaces, a Business Center, and restaurants.
Five-Star Hotel Under an Exclusive Brand
Visitors will have access to 214 rooms, including suites; conference rooms; a restaurant, lounge, and bar; a swimming pool and fitness center; shops and 600 square meters of event space.
The management agreement with the Capella Hotel Group, which will operate the five-star hotel under the Solís brand, runs for 25 years with three options to extend the contract for another five years each.
Club Deal in Just Six Weeks
The total investment in the turnkey hotel, including development costs, amounts to estimated $ 52 million. According to an expert opinion, the forecast market value at the time of completion in 2017 already exceeds the development costs by 43 percent.
The investment was structured via a Swiss stock corporation (Aktiengesellschaft), and Acron was able to place its share capital with private investors in a club deal in just six weeks. The average subscription amount was around $ 4 million. The forecast annual IRR of the investment amounts to over 20 percent.
Successfully Sold
Acron has many years of experience in hotel investments. The company managed the Radisson Blu Zurich Airport Hotel project, which opened in 2008 and is the only hotel at Zurich Airport with direct terminal access.
In 2012, it acquired the Radisson Blu Hotel in St. Gallen, which Acron has itself operated since early 2015. Acron acquired the property that houses the Motel One Wien Westbahnhof in the same year.
Acron sold the four-star Steigenberger Hotel in Gstaad-Saanen that it had acquired in 2005 successfully for investors in December 2015.
