A major hotel and conference center project broke ground June 21 in Alpharetta, a city in suburban Atlanta.
The $112 million project will feature a 65,000-square-foot conference center and a 330-bed hotel. The project will be part of the second phase of the 86-acre Avalon development which has more than 500,000 square feet of retail space, 16 restaurants, a theater, offices and luxury residences, reported the International Meetings Review.
Alpharetta entered into a master development agreement with developer Avalon Hotel Associates, LLC for the project.
Avalon Hotel Associates will develop the conference center on city-owned property, which Alpharetta will lease to Avalon for 99 years. The master agreement also calls for the development team to take ownership of the hotel and the land on which it is built.
SunTrust Bank is providing construction financing for the project to which Alpharetta is contributing almost $25 million. The city plans to raise the money through bond financing and a hotel-motel tax, reported the Herald Newspapers.
The hotel and conference center are expected to open in early 2018.