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Peachtree funds $113M for Savannah multifamily to Margaritaville hotel
The $113 million bridge debt backs a conversion of the 232-unit Ann Street Lofts into a 230-key hotel, with construction slated to start late summer and the property set to open in summer 2027.
Peachtree Group has originated $113 million of bridge debt to support Tidal Real Estate Partners' plan to convert a Savannah, Georgia multifamily building into a Margaritaville-branded hotel, Commercial Observer reported.
The financing is described as a three-year floating-rate loan with two 12-month extension options for the Downtown Savannah conversion, which is slated to begin late this summer. Peachtree’s Jared Schlosser said Tidal decided to pivot the Ann Street Lofts, built in 2023, to hotel use after evaluating market conditions.
Schlosser attributed the project’s appeal to Savannah’s tourism demand, citing more than 18 million annual visitors and limited lodging supply in the city’s Historic District. He also pointed to ongoing development in the immediate area, including tourism and conferences as demand drivers.
The planned Margaritaville Hotel Savannah is expected to debut in summer 2027 and include a hotel pool deck, a Jimmy Buffett’s Margaritaville restaurant concept, and a LandShark Bar & Grill. Walker & Dunlop negotiated the debt, and Schlosser said most work will focus on common areas, meeting spaces, restaurant areas, and amenities since the rooms are already largely established.