Companies Announce Financing for Crowne Plaza hotel in Riverside Village

Staff Report From Augusta CEO

Friday, February 2nd, 2018

Ackerman & Co. and Greenstone Properties announces that they have broken ground and secured financing for the development of the new‐build Crowne Plaza Riverside Village hotel – a five‐story, 180‐key hotel located within the Riverside Village mixed‐use project in North Augusta, S.C., along the Savannah River. The partner companies have signed a 20‐year franchise agreement with InterContinental Hotels Group, one of the world’s leading hotel companies.

Slated to open by the end of 2018, the hotel project – adjacent to the new Augusta GreenJackets’ SRP
Park – will feature modern rooms and suites, the Wood Fired Grill restaurant, an outdoor pool and event
space, a fitness center, a rooftop bar, and more than 7,000 square feet of conference center and
meeting space with a ballroom and several meeting rooms. A 417‐space parking deck will provide hotel,
ballpark and residential parking.

“This is an important milestone in the development of Riverside Village, a project that will provide
outstanding amenities for visitors and the local community as well as a catalyst for further economic
development,” said Robert Pettit, Mayor of North Augusta.

The 30‐acre, $200‐million Riverside Village live‐work‐play development combines apartment, single‐ and
multi‐family living, a vibrant town center featuring high‐quality office space, premier national and local
retailers, and diverse dining options, in addition to the new GreenJackets’ ballpark.

“We’re excited to partner with Greenstone to provide the community with an incredible venue that will
serve North Augusta’s rapidly growing tourism and business base for years to come. We are especially
grateful to the officials and citizens of North Augusta for their support in the planning for this hotel,”
said Kris Miller, President of Ackerman & Co.

Craig Mueller, Vice President, Development, The Americas, IHG, said, “As Riverside Village helps
redefine North Augusta as a dynamic tourist destination and a great place to do business, the new
Crowne Plaza hotel from Greenstone Properties and Ackerman & Co. will be the perfect place for guests
to work and play.”

Mueller added, “We value the commitment that the city of North Augusta, Ackerman & Co. and
Greenstone Properties have made to embracing the design of this hotel, which will reflect a mix of
traditional and contemporary themes. The building will represent a new style of architecture that
compliments the active lifestyle of today’s business and leisure traveler, and will serve as a focal point
connecting this vibrant area to the new GreenJackets stadium.”

This new upscale hotel will cater to business and leisure travelers and will offer the brand’s innovative
WorkLife guest rooms and Plaza Workspace flexible meeting spaces that are core elements of the
Crowne Plaza Accelerate program – IHG’s multi‐year, $200 million transformation of the brand in the
Americas region.

The hotel project team includes architects Rabun Rasche Rector Reese and Wakefield Beasley &
Associates; general contractor Brasfield & Gorrie; and manager/operator NorthPointe Hospitality
Management. State Bank & Trust provided construction financing and North Augusta Mezz Lender, LLC,
a Chamire Holdings‐led group supplied mezzanine financing.