Walker & Dunlop has arranged $104.5 million in construction financing for The Ritz-Carlton Savannah, a 15-story luxury hotel development in Savannah’s Historic District that is anticipated to open in 2028.
Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Hospitality Advisory partnered to arrange the transaction on behalf of TMGOC Ventures. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer and Jason Schwartzberg of the advisory team arranged the capital, which was provided by The LCP Group, L.P. Jay Morrow and Carter Gradwell of the hospitality team advised TMGOC Ventures throughout the process. TMGOC will also utilize federal and state historic rehabilitation tax credit programs, allowing for tax credits for qualified expenditures and local property tax abatement programs.
The project involves the historic redevelopment of two existing office buildings into a 168-key Ritz-Carlton spanning 190,000 square feet. The hotel will include multiple food and beverage outlets across the lower level, ground floor, second floor and rooftop. Originally constructed in 1911, the property is downtown Savannah’s first skyscraper, its tallest building and a designated historic structure.
“Located in the heart of Savannah’s Historic District, the Ritz-Carlton Savannah will redefine premium luxury hospitality with a fresh, design-driven approach,” said Hirt, managing director of Capital Markets Institutional Advisory at Walker & Dunlop. “With very few luxury hotels currently operating in the market, this property addresses a clear demand for high-end accommodations and amenities. We’re proud to have represented TMGOC to bring this much-needed, one-of-a-kind destination to life for visitors to the Savannah area.”
The property sits within one of the Southeast’s most constrained markets for new development. Recent zoning limits high-density hotels and prohibits demolition of historic structures. The site is located near River Street, City Market, Forsyth Park and the convention center, with additional demand drivers including the Plant Riverside District, Broughton Street, the Savannah College of Art & Design and the Port of Savannah.
“The Savannah Historic District is one of the most sought-after development markets in the Southeast, particularly for hotel projects, given its limited sites, restrictive zoning, and highly selective review process,” said Alison Tan, VP of investments at TMGOC. “We appreciate Walker & Dunlop’s expertise and steady guidance in navigating a complex transaction and helping bring the Ritz-Carlton Savannah to life.”