Arden Group Nabs Sheraton Atlanta Hotel
- Mar 16, 2017
Atlanta—Arden Group, through their discretionary fund affiliate Arden Real Estate Partners II LP, has acquired the Sheraton Atlanta Hotel from affiliates of Amerimar Enterprises and Contrarian Capita for $64.2 million.
JLL represented the sellers in the transaction.
“It’s a great market with limited new full-service supply,” René Bardel, Arden Group’s managing director, told Commercial Property Executive. “We operate a value-add real estate fund and our hotel operating expertise will bring enhanced net operating income and value to the hotel.”
The hotel consists of 763 guestrooms and more than 100,000 square feet of event and meeting space. Amenities include an indoor/outdoor climate-controlled swimming pool and whirlpool, a spacious indoor Garden Courtyard with a retractable glass roof, a Sheraton fitness center, a business center, a Collage restaurant and a Fandangles restaurant and bar.
The Sheraton Atlanta Hotel is located in downtown Atlanta at 165 Courtland St., NE adjacent to Georgia State University. It’s in close proximity to key Atlanta tourist attractions and the Georgia World Congress Center.
According to Bardel, the marketplace is exhibiting strong job growth and dynamic hotel demand.
“Our operating plan projects significant upside and superior financial results,” he said. “We like the rapid growth in which Georgia State University is growing. Atlanta has become a dynamic meeting destination.”
Although the hotel recently underwent a renovation, the Arden Group is preparing $7 million in additional upgrades that Bardel noted would be focused on transforming its food service areas. Addition renovations will include enhancements to the guest room experience, lobby and meeting rooms.
The Arden Group also has an investment interest in the Westin Atlanta Perimeter North.