DALLAS Foresthills Hotels & Resorts Chairman and President Atef Mankarios announced today that the company has partnered with several Atlanta-based firms for the purchase of the historic Days Inn Hotel in midtown Atlanta. The agreement was reached between Diversified Peachtree, Ltd., and a partnership made up of Crow Hospitality Investment Group of Atlanta, historic and preservation architect Larry Evans of New Place Companies of Brunswick, GA and Foresthills Hotels & Resorts. The purchase is expected to close in mid October.
An historic restoration of the property is slated to take place and is estimated to cost in excess of $22 million. With approximately 90 oversized rooms and suites, the project is expected to be complete in late 2002.
The Crow Hospitality Investment Group and New Place Companies will serve as co-developers of the project.
Foresthills Hotels & Resorts has entered into a long-term management contract with the owning partnership and will provide technical assistance to the restoration process. –Rebecca Ordon (8/22/00)