Knighthead Funding Provides $8.5M Construction Loan for Holiday Inn & Suites Near Savannah
POOLER, GA. — Knighthead Funding has provided an $8.5 million short-term loan for the completion of a Holiday Inn & Suites in Pooler, approximately 20 miles west of Savannah. The sponsor is a Georgia-based hotel development and management company whose assets include Hilton, Marriott and Holiday Inn flagged properties throughout the state.
Upon completion in 2019, the hotel will feature 104 guest rooms, a restaurant and lounge, outdoor pool with sundeck, fitness center, business center and market pantry. The sponsor used its own capital to fund the first half of the development, and due to liquidity constraints, needed a creative source of capital to fund the remaining portion of the development.