ATLANTA—North Point Hospitality Group, Inc. has completed the sale of its 228-unit, dual-branded Hilton Garden Inn/Homewood Suites by Hilton Atlanta Midtown. The property was purchased by Carey Watermark Investors Inc., a New York-based non-traded real estate investment trust.
“The acquisition of the Hilton Garden Inn and Homewood Suites by Hilton Midtown Atlanta hotel represented the opportunity to invest in a newly-built, quality dual-branded hotel with strong brand affiliations in one of the most significant business districts in the Southeast,” said Michael Medzigian, CEO of Carey Watermark Investors. “The property generates attractive cash-flow, and we believe will continue to benefit not only from the strong demand generated by the corporate market, but also the leisure demand generated by the robust Midtown market. Our ability to acquire a high-quality, well-positioned asset in a strong market enhances the long-term cash generating capability of our portfolio.”
“The Hilton Garden Inn/Homewood Suites Atlanta Midtown hotel is a great asset, and the timing of the sale was such that it represented significant value for both buyer and seller,” said S. Jay Patel, president and CEO of North Point Hospitality Group. “We continue to be optimistic about the Atlanta market and our growing presence there. Additionally, this transaction paves the way for our future development plans. By year-end, we expect to break ground on four hotels in the Southeast, comprising of 605 rooms at a total project development cost of $155 million.”
The hotel will be managed by Crescent Hotels & Resorts, which currently operates more than 80 hotels and resorts, with close to 19,000 rooms in 29 states and Canada.
The property includes 228 total guestrooms, 136 of which are Hilton Garden Inn branded and 92 of which are Homewood Suites branded. It also offers 3,027 sq. ft. of meeting space, which includes the 2,160-sq.-ft., 12th-floor Piedmont Park room, offering unobstructed panoramic views of both the Midtown and Downtown skylines; two breakfast areas, lobbies and reception desks; Garden Grill & Bar restaurant (located within the Hilton Garden Inn); a heated outdoor swimming pool; a 24-hour fitness center; and two business centers
The hotel is located in midtown Atlanta, at the center of the 14-million sq.-ft. office market and near all of the market’s primary demand generators, including The Coca-Cola Company, Equifax, Invesco and Earthlink, as well as eight of Atlanta’s 10 largest law firms. Immediately adjacent to Interstate 75/85, the hotel provides access to the Perimeter and Buckhead markets to the north, the Downtown market to the south. It is located approximately 12 miles from the Atlanta Hartsfield-Jackson International Airport.