Atlanta Airport Hotel Changes Hands
- Oct 31, 2018
Alex. Brown Realty has sold the 220-key DoubleTree by Hilton Hotel Atlanta Airport to a joint venture between Hersha Hospitality Trust and a private investor for $23.3 million. The buyer financed the acquisition with an adjustable rate, $18.2 million loan originated by CrossHarbor Capital Partners, according to public records. The mortgage matures in November 2021 with an option to extend to 2023.
A Berkadia team led by Dave Weymer, Kyle Stephenson and Mark Morris represented the seller in the transaction, with another of the firm’s teams securing the financing for the new owner. The property last changed hands in October 2006 for $14.2 million.
Located at 3400 Norman Berry Drive, immediately north of Atlanta’s Hartsfield-Jackson Airport, the seven-story property is situated among a number of other hospitality assets alongside Interstate 85. A nearby bus route links the property to the rest of the metro area.
The DoubleTree was constructed in 1985, and the previous owner renovated the asset in 2016. The property includes a mix of amenities, including 4,500 square feet of meeting space, a fitness center, a swimming pool, complimentary Wi-Fi and an airport shuttle service.
In April, Hersha picked up a 150-key hotel in Annapolis, Md., for nearly $42 million.
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