Tidal Real Estate Partners has landed a $113 million bridge loan from Peachtree Group to convert the 232-unit Ann Street Lofts at 111 Ann St. in downtown Savannah into the 230-key Margaritaville Hotel Savannah. The three-year floating-rate loan, arranged by Walker & Dunlop, follows a $78.6 million BGO refinancing from 2024 and is intended to fund a light-touch conversion focused on common areas, meeting rooms, restaurant and amenity spaces.
The conversion was slated to start in late summer 2026, and the hotel, a Jimmy Buffett's Margaritaville restaurant and a LandShark Bar & Grill are targeted to open in summer 2027. Peachtree's Jared Schlosser cited Savannah's more than 18 million annual visitors and limited Historic District lodging supply as the case for the switch from apartments to hotel rooms.
City building permit 26-08053-BC, issued Sept. 3, covers renovation of the 111 Ann St. apartment building into hotel use with a restaurant, cafe and bars.
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SAVANNAH — a 2023-built apartment property on Ann Street is being converted into the 230-room Margaritaville Hotel Savannah.
Peachtree Group says it closed a $113 million bridge loan for Tidal Real Estate Partners to reposition the 232-unit Ann Street property. Conversion work is slated to begin in late summer, with the hotel targeted to open in 2027.
This is not the reuse of a long-vacant building. Ann Street Lofts was completed as a mass-timber multifamily project in 2023. Three years later, those long-term apartments are slated to become short-term hotel rooms.
The project brings a recognizable resort brand to the western edge of downtown, but it also removes recently built apartments from Savannah’s housing supply.
What do you think: smart adaptive reuse, or the wrong trade for downtown housing?
Why it matters
A building that opened as apartments just three years ago is already being converted to hotel rooms, a sign of how tight Savannah's downtown hotel supply is relative to its tourism demand.
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