Atlanta-based developers Kennedy Capital Group and Diplomat Companies met with the Newnan Convention Center Authority in Newnan, Ga., last week in order to put forth a proposal for a $16 million Hyatt hotel and a $12 to $14 million conference center, reports local newspaper The Times-Herald. If built, both will be part of a proposed multi-purpose development known as Newnan Village Crossing in suburban Atlanta.
The Newnan Convention Center Authority recently hired Atlanta-based PKF Consulting to study the feasibility of the proposed conference center and hotel. The results of that study, which were presented in August, show that in order to make good economic sense, a new hotel would need to have 175 rooms and approximately 122,000 square feet, with a 100-seat restaurant, a fitness center and a swimming pool. A new conference center, meanwhile, should be 40,000 square feet with at least 20,000 square feet of usable meeting space, including at least one meeting room with a minimum of 5,000 square feet.
At last week's meeting, developers agreed with most of PKF's recommendations, proposing a 50,000-square-foot "green" conference center that will be both "cost-effective and future-proof," according to The Times-Herald. With regards to the hotel, they proposed building a two-phase property; phase one would include 127 guestrooms and phase two another 120.
Hyatt Hotels has already pledged its support for the Newnan Village Crossing development, while Diplomat CEO R.C. Patel has said he believes there's a large market of "people going to suburban areas for meetings."
Upon hearing developers' proposal, the Newnan Convention Center Authority asked PKF Consulting to review it and make further recommendations. It will hear a similar proposal from an alternative developer, Newnan-based Thomas Enterprises, before moving forward with any additional plans.