Riverfront hotel hinges on multi-million dollar loan - WALB.com, Albany News, Weather, Sports

Riverfront hotel hinges on multi-million dollar loan

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May 15, 2003

Albany-- The proposed Hilton Garden Inn Hotel and Conference Center is key to the successful growth of downtown.

The decision on this $17 million hotel is in the hands of an Atlanta company, and some Albany banks.

The site for the 120 room hotel is on Front Street near the River Center. The Atlanta's Earl Patton Company, which wants to build the hotel, just got the terms on a $5.1 million loan.

Albany Tomorrow Chairman Emily Jean McAfee hopes the deal won't be crippled over number haggling, "This is sort of a silly term, but costs could nickel and dime it into not working. This takes a little faith, foresight, to make a loan of this type in this industry."

The Atlanta-based developer is reviewing the terms of the loan. The anticipated opening date of the Hilton is next summer.

Posted at 3:52 p.m. by melissa.kill@walb.com

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