TMGOC Ventures, a real estate and development private equity firm, broke ground last week on The Ritz-Carlton Hotel Savannah, Downtown, marking the beginning of construction for the first hotel for the luxury brand in the city. The 168-room hotel will occupy the historic “Savannah Skyscraper” in downtown Savannah, S.C.
Approved by the Savannah Historic Board of Review in fall 2023, The Ritz-Carlton Savannah, Downtown is slated to open within the first quarter 2028. The full-service hotel is planned to have luxury amenities, including a signature restaurant, a lobby lounge, a rooftop bar and pool, a 5,000-square-foot spa and wellness center, and more than 5,000 square feet of meeting space.
“Bringing the first Ritz-Carlton to Savannah is a transformative moment for the city’s skyline and a defining milestone for TMGOC Ventures,” Sunju Patel, co-founder and managing partner of TMGOC Ventures. “We are proud to serve as the bridge between Savannah’s historic legacy and its future as a global luxury destination. By revitalizing the iconic ‘Savannah Skyscraper,’ we are delivering a world-class experience that honors the past while setting an entirely new standard for elegance.”
The groundbreaking marks a significant step in revitalizing one of Savannah’s most storied buildings into a premier hotel for locals and visitors to enjoy, blending historical preservation with luxury hospitality.
“Creating Savannah’s premier luxury hotel destination—one that sets a new standard in the market and serves as a source of community pride—is our priority,” said Glenn Alba, co-founder and managing partner of TMGOC Ventures. “Savannah’s allure as a top travel destination is well‑recognized, and this new hotel is designed to meet the growing demand for both leisure and business travel. We’re excited to collaborate with The Ritz-Carlton to deliver an experience that combines distinctive, anticipatory service, standout amenities, and the vibrant energy of this remarkable city.”
The Ritz-Carlton Savannah, Downtown will be owned by TMGOC and operated by The Ritz-Carlton. New York and London-based interior designer Martin Brudnizki Design Studio and Miami-based architecture firm Studio Mc+G Architecture will oversee the design process and ensure each element appeals to the most discerning guests.
"I always strive to create unique spaces in incredible places,” said Martin Brudnizki, founder of Martin Brudnizki Design Studio. “The Ritz-Carlton has always stood out to me as embodying old-world elegance. It is a brand synonymous with old-time grandeur, where exceptional service is at the heart of the business. It is an honor to be tasked with bringing this European sensibility to Savannah, and to design for esteemed hosts who share our collective vision of crafting spaces that create inimitable experiences. I hope everyone who enjoys this unique space takes away wonderful memories, in a place that honors this historical, Southern city.”
Walker & Dunlop arranged a $104.5 million loan to facilitate the construction financing for the hotel. Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Hospitality Advisory partnered to arrange the transaction for TMGOC Ventures. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer, and Jason Schwartzberg of the advisory team arranged the $104.5 million of capital provided by The LCP Group, L.P. Jay Morrow and Carter Gradwell of the hospitality team assisted and advised TMGOC Ventures throughout the process.
TMGOC will also utilize federal and state historic rehabilitation tax credit programs, allowing for tax credits for qualified expenditures and local property tax abatement programs.