Aloft Atlanta Hotel Lands New Owners
- Aug 05, 2016
By Robert Demeter
Through its operating partnership subsidiary, Condor will own 80 percent of the joint venture, with Three Wall Capital owning the remaining 20 percent. The purchase price of the hotel equated to $43.5 million. Subsequent to the transaction’s closing in the third quarter, the hotel will be managed by Boast Hotel Management Co., an affiliate of Three Wall Capital.
“This transaction represents another premium quality, select service hotel acquisition meeting the investment strategy of the company,” said Bill Blackham, CEO of Condor Hospitality Trust. “As we continue to expand our new investment platform, we have once again utilized industry contacts to source an off-market hotel acquisition that will be managed by an affiliate of the party that introduced the investment opportunity.”
Aloft Downtown Atlanta is centrally located at 300 Spring St., NW., within walking distance of the Centennial Olympic Park, the Georgia Aquarium, World of Coca-Cola, Philips Arena, and more. Apart from the 254 rooms, the hotel features a meeting space with state-of-the-art audio/video equipment, a fitness center, outdoor pool and bar and lounge. The hotel is also pet friendly.
“Combining the fact that this hotel was completely renovated and converted to the very popular Aloft brand less than two years ago with the hotel’s attractive location in the downtown CBD market, makes this acquisition very compelling and we expect positive returns for our shareholders,” added Blackham.
Photo courtesy of Aloft