MPC to invest in Hotel Clermont

Martha Elwell Martha Elwell Uploaded 22 September 2017

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US: Monarch Private Capital’s investment will help the rebuilding of historic Georgia hotel

Leading syndicator and investor of tax credits Monarch Private Capital has announced the closing of an equity investment in the historic Hotel Clermont, located in Atlanta, Georgia.

The landmark hotel will house 94 rooms, a French style brasserie restaurant, a café and rooftop bar.

The Hotel Clermont was originally built as an apartment complex. It was converted into a hotel in the 1940s. In 2003 the property was purchased for $3.4 million, but the property went into foreclosure in 2009. BNA Associates acquired the Clermont in 2013 and had been working since then to relaunch the hotel.

The investment will generate federal and State of Georgia historic tax credits. These credits are designed to rehabilitate historic architectural structures.

Robin Delmer, MPC's Co-CEO and Managing Director of Acquisitions said: "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."

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