ATLANTA—Lodging REIT Carey Watermark Investors 2 Inc. (CWI 2) has acquired the 304-key Renaissance Atlanta Midtown Hotel.
Constructed in 2009 and converted to a Renaissance in 2011, the 21-story boutique hotel received more than $3 million of capital improvements between 2011 and 2015, including a reconception of the hotel’s restaurant, Community Smith.
The hotel features 8,600 sq. ft. of meeting space; a rooftop bar and lounge; and a 24-hour spa, fitness center and business center.
“The acquisition of the Renaissance Atlanta Midtown Hotel represents the opportunity to invest in a newly built, upper-upscale hotel with a strong brand affiliation, located in one of the most significant and growing business districts in the Southeast. In addition to generating attractive initial current cash flow, we believe the property’s ongoing performance and longer-term value can be improved through the implementation of strategic revenue enhancement and operating initiatives,” said Michael Medzigian, CEO of CWI 2.
He noted planned property improvements include a soft goods renovation of the guestrooms along with improvements to public areas and meeting space.