ALBANY, GA (WALB) - The Albany Downtown Development Authority board tonight approved leasing out land to go forward with building a Home 2 Suites Hotel adjacent to the Hilton Garden Inn.
In 2005, The Albany Dougherty Inner City Authority borrowed $500,000 for the Hilton.
That will be paid in full as part of the new refinancing.
"The whole foundation for this is they being Albany Holdings LLC, is in the process of obtaining new financing on the existing hotel and they will also be able to obtain financing on the second hotel," said Nathan Davis, City Attorney.
Albany Holdings, the developer, is paying $600,000 up front.
$375,000 will help pay off that debt.
The rest will go to a parking study fund for the new hotel.