Monarch Private Capital has made an investment in Atlanta-based Hotel Clermont. No financial terms were disclosed. In December 2012, BNA Associates acquired the property.
ATLANTA–(BUSINESS WIRE)–Monarch Private Capital (“MPC”), a leading syndicator and investor of tax credits, is pleased to announce the closing of an equity investment in the historic Hotel Clermont located in Atlanta, Georgia. The investment will generate both federal and State of Georgia historic tax credits.
The famous landmark is being converted into a boutique hotel by BNA Associates with 94 rooms, a French style brasserie restaurant, a café and rooftop bar with beautiful Atlanta skyline views. The Hotel Clermont, with approximately 59,752 square feet of space, was originally built as an apartment complex, but was converted into a hotel in the 1940s. In 2003, the property and adjacent parcels were purchased for $3.4 million; however, during 2009 the property went into foreclosure. In December 2012, BNA Associates acquired the property and has been working ever since to get the hotel up and running.
The Hotel Clermont is being renovated and refashioned as a “Bespoke Hotel.” The property has been redesigned in a manner that speaks to “style,” that offers an “F&B” experience in keeping with demands of “foodies” and that offers a level of service that is positively “memorable.”
“This is an example of the countless benefits from Historic Tax Credits. The rebuilding of the Hotel Clermont will not only help stimulate economic growth in the area, it will preserve a piece of our architectural heritage,” says Robin Delmer, MPC’s Co-CEO and Managing Director of Acquisitions.
For more information about MPC’s programs and services, please contact Rick Chukas at 615-373-5155 or firstname.lastname@example.org.
About Monarch Private Capital
Monarch Private Capital (MPC) is an investor and syndicator of state and federal tax credits nationwide. The Monarch Private Capital team is committed to both developer and tax equity investor success. Our focus is to provide innovative capital solutions to the renewable energy, low income housing, film and historic rehabilitation industries. Monarch Private Capital is headquartered in Atlanta and has several offices located throughout the U.S. Please visit MonarchPrivate.com to learn more.