Walker & Dunlop Arranges $104.5M Construction Loan for Ritz-Carlton Savannah Hospitality Real Estate Project
Walker & Dunlop, Inc. has arranged $104.5 million in construction financing for the Ritz-Carlton Savannah, a 168-key luxury hotel development located in Savannah's Historic District, the firm announced. The LCP Group, L.P. provided the capital for developer TMGOC Ventures, marking a significant commercial real estate financing transaction in one of the Southeast's most supply-constrained hospitality markets.
Hospitality Real Estate Deal Details
The project involves the adaptive reuse of two existing historic office buildings into a 15-story, 190,000-square-foot luxury hotel. Originally constructed in 1911, the property is recognized as downtown Savannah's first skyscraper and its tallest building, and carries a historic structure designation. Upon completion, the hotel will feature multiple food and beverage outlets across the lower level, ground floor, second floor, and rooftop, along with a broad suite of amenities.
TMGOC Ventures will also utilize federal and state historic rehabilitation tax credit programs, which provide tax credits for qualified expenditures, as well as local property tax abatement programs, according to the announcement.
The transaction was arranged by Walker & Dunlop's Capital Markets Institutional Advisory and Hospitality Advisory teams. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer, and Jason Schwartzberg of the Advisory team structured the $104.5 million capital placement. Jay Morrow and Carter Gradwell of Walker & Dunlop's Hospitality team advised TMGOC Ventures throughout the process.
A Constrained Market Creates a Rare Development Opportunity
The Savannah Historic District presents a notably restricted environment for new hotel development. Recent zoning changes limit high-density hotel construction and prohibit the demolition of historic structures, creating limited pathways for new luxury supply to enter the market. The project's location places it within proximity to River Street, City Market, Forsyth Park, the Savannah convention center, the Plant Riverside District, Broughton Street, the Savannah College of Art & Design, and the Port of Savannah — demand drivers that support both leisure and corporate hotel occupancy.
"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."
"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 Ari 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."
Broader Context
The adaptive reuse structure of the project — converting existing office buildings into a luxury hotel — reflects a broader industry trend of repurposing underutilized office assets. The two buildings being redeveloped span 190,000 square feet and will be integrated across all 15 floors of the completed hotel.
Walker & Dunlop reported that its Capital Markets team sourced more than $22 billion from non-Agency capital providers in 2025, including nearly $16 billion for multifamily real estate. The firm said this volume positions it as an advisor across all major asset classes for developers, owners, and operators.
About the Firms Involved
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. TMGOC Ventures is a Boca Raton, Florida-based real estate and development private equity firm co-founded by Sunju Patel and Glenn Alba, with more than 150 years of combined experience in the hospitality and multifamily sectors. The firm's portfolio includes over $1.4 billion in existing and development pipeline investments comprising 3,312 hotel keys, along with multifamily, office, and retail investments. The LCP Group, L.P. is a private real estate investment manager with approximately $1 billion in assets under management and a track record spanning more than five decades, focusing on the hospitality sector through equity ownership and private credit strategies.
Sources: Walker & Dunlop – Construction Financing for Ritz-Carlton Savannah