ATLANTA--(BUSINESS WIRE)--Sixty West Funds and Lucror Resources announce the selection of Motto by Hilton as the hotel concept to anchor Waldo’s Old 4th Ward, the $80 million mixed-use development emerging in Atlanta’s Old Fourth Ward neighborhood at the intersection of Boulevard and Edgewood. The hotel, set to break ground in August 2019, is designed by architect TVSDESIGN and interior design firm Hirsch Bender & Associates. The premier overnight destination will accompany a heavy timber construction office building, residences and retail on the 1.5 acre site.
One of Atlanta’s most historic neighborhoods, the Old Fourth Ward is home to iconic landmarks including Martin Luther King Jr.’s childhood home, Ebenezer Baptist Church and the Jimmy Carter Library and Museum. Commonly referred to as the “O4W,” the ever-evolving area has become a destination for those seeking more urban and cultural adventures around town including Ponce City Market, nightlife along Edgewood Avenue, access to the Atlanta BeltLine’s Eastside trail, street art, local markets and popular dining destinations. With a focus on culture, connectivity and location within this desired enclave, Waldo’s Old 4th Ward aims to bring 200,000-square-feet of live and work space to the rapidly evolving community.
Motto by Hilton
The announcement of the United States’ first signed Motto by Hilton puts Waldo’s at the forefront of hotel development not just within the Old Fourth Ward, but regionally and nationally as well - an emerging goal for Atlanta developers as the region welcomes more than 52 million visitors annually. The new and innovative lifestyle hotel brand by Hilton launched in October 2018, Motto by Hilton seeks to provide accessible accommodations in some of the most coveted urban destinations worldwide.
The micro-hotel lifestyle capitalizes on what it means to be “here” and the growing trend for hotels to be part of the destination experience. As such, the addition of the 125-key Motto by Hilton will give Atlanta visitors the affordability and flexibility they crave while traveling, along with unprecedented hotel access to the Atlanta BeltLine, the nationally recognized and locally beloved 22-mile loop of multi-use trails and parks that has served as an economic catalyst for neighborhoods along its path. Complementing access to the area’s highly trafficked and coveted retail, food, beverage, cultural and nightlife destinations will round-out the opportunity for true immersion and connection. Motto by Hilton Atlanta Old Fourth Ward will also include a speakeasy, a full service restaurant and food stalls in a courtyard space. Similar to the other Motto by Hilton properties around the world, Motto Atlanta Old Fourth Ward will show off its flexibility through spaces that have been cleverly designed, technology that makes traveling seamless and an elevated sleep experience that will make recharging easier than ever.
“We are thrilled to partner with Hilton to sign the first Motto by Hilton in the United States,” said Jason K. Cordon, Principal at Sixty West Funds. “We’re joining forces with the emerging brand to empower guests, giving them the freedom to create their own experiences in the Old Fourth Ward - one of Atlanta’s most sought-after neighborhoods.”
Tripp McLaughlin, Global Head of Motto by Hilton, commented, “We have deconstructed the traditional hospitality experience to create something truly fresh and exciting. The Old Fourth Ward neighborhood of Atlanta is rooted in culture and history and is an exciting market to introduce Motto by Hilton. One of our brand pillars is ‘inviting and local’; Motto invites guests and locals in through an authentic and social atmosphere with thoughtful design that uniquely weaves into the fabric of a neighborhood, and this project aligns perfectly with our vision.”
In addition to the hotel, Sixty West Funds and Lucror Resources aim to further activate and impact the dynamic Old Fourth Ward by introducing a seven-story heavy timber construction office building. This emerging building type – only the second of its kind in Atlanta and leading a new trend in American office construction – brings elements of nature and the outdoors to an urban epicenter, offering exposed wood, natural lighting and eco-conscious sensibilities. The Waldo’s Old 4th Ward building, fabricated by StructureCraft, will offer more than 100,000-square-feet of Class A office space, and is poised to become some of the most sought after commercial space in the city.
“Lucror Resources and Sixty West endeavor to be at the forefront of urban real estate development by financing with an Opportunity Zone Fund that leverages tax advantages for capital gains, using heavy timber construction to create a healthy work environment for office tenants, and with the Motto welcoming guests to Atlanta’s Old Fourth Ward,” said Arun Nijhawan, leader of Lucror Resources and the O4W project
Opportunity Zone Financing
Waldo’s Old 4th Ward is funded through the Sixty West O4W Opportunity Fund. Included within one of the city’s 26 eligible Opportunity Zones identified by the Tax Cuts & Jobs Act of 2017, the urban infill, master planned, mixed-use community is one of the first Qualified Opportunity Zone funded developments to break ground in Atlanta and in the United States.
“Partnering with Lucror Resources to establish Waldo’s within the Old Fourth Ward was a compelling opportunity based upon the location and demand,” said Cordon. “Couple the exponential growth in the Old Fourth Ward with the benefits of developing within the Qualified Opportunity Zone, and the project became one that could not be ignored. We are proud to lead this Opportunity Zone investment and development in Atlanta and look forward to setting a model for Opportunity Zone projects moving forward.”
About Sixty West Funds
Sixty West is comprised of over 50 professionals with extensive experience in the acquisition, financing, and development of over 150 real estate-related opportunities. The company’s history of success is includes over $1 billion of tax equity raised to support more than $2 billion in related projects. Over the past decade, Sixty West has leveraged its expertise in the use of tax credits and related incentives to bring real estate directly to investors. Based in Atlanta, Georgia, Sixty West Funds partners with highly skilled consultants, compliance managers, and legal and tax advisors, ready to serve investors. Visit sixtywestfunds.com for additional information.
About Lucror Resources
Lucror Resources is a real estate investment and development company focused on the acquisition and development of urban assets. Arun Nijhawan, Lucror’s founder, holds over 20 years of experience including leading real estate initiatives for $4 billion hedge fund GMT Capital and international real estate development firm Portman Holdings. Focused on a value-based investment strategy, Lucror led the effort to redefine the office experience in Downtown Atlanta by acquiring and restoring Atlanta’s iconic 120-year-old Flatiron Building into a technology-driven office and coworking space for entrepreneurs and enterprise companies. Lucror Resources leverages its real estate development experience to reposition properties through hands on management to satisfy market demand for urban infrastructure. Additional details can be found at lucrorresources.com.
About Motto by Hilton
Motto by Hilton is a new micro-hotel with an urban vibe in prime global locations that empowers guests by giving them the freedom to create their own experiences in the world’s most sought-after cities. Motto offers travelers centrally located, reasonably priced and less traditional lodging that provides a one-of-a-kind experience. At its core, Motto is a beacon for today’s modern, global community of travelers, delivering a flexible, innovative hospitality experience with guest-empowered service. Motto is part of the award-winning Hilton Honors guest loyalty program. Visit newsroom.hilton.com/motto for more information and connect with Motto on Facebook and Instagram.
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 17 world-class brands comprising more than 5,700 properties with more than 923,000 rooms, in 113 countries and territories. Dedicated to fulfilling its mission to be the world’s most hospitable company, Hilton earned a spot on the 2018 world’s best workplaces list, and has welcomed more than 3 billion guests in its 100-year history. Through the award-winning guest loyalty program Hilton Honors, more than 89 million members who book directly with Hilton can earn Points for hotel stays and experiences money can’t buy, plus enjoy instant benefits, including digital check-in with room selection, Digital Key, and Connected Room. Visit newsroom.hilton.com for more information, and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram, and YouTube.