Sheraton Hotel Augusta, GA
Investment Date: August 2008
Opening Date: December 2009
Total Rooms: 152
Meeting Space: 1,500 SF
Food & Beverage: Prime 1079 Steakhouse, Sweetwater Lounge
Investment Overview: New Construction During Great Recession
The Sheraton Hotel in Augusta, GA was Phase 2 of SIG's redevelopment of the Stevens Creek hospitality submarket located near the gates of Augusta National Golf Club, home of The Masters Golf Tournament.
The hotel was originally financed through a traditional construction loan serviced by a regional Atlanta-based bank. Unfortunately during the construction phase, the economy went into a great recession causing many overexposed lenders to enter FDIC receivership. The Sheraton's lender suffered the same fate. Faced with liens, early loan maturity, construction delays, and lawsuits, SIG raced to rectify the problem created by the lender.
SIG's investment team worked with its network of lenders and the FDIC office to find a creative solution to keep the project afloat and construction process moving. The investment team was able to solidify a unique bridge loan with attractive terms to mitigate construction delays and open the hotel a mere four months behind schedule.
Since opening, the Sheraton has become the premier choice for business and leisure travelers. In 2012, the hotel was awarded Starwood Hotel of the Year (worldwide).