New Dual-Branded Hotel Acquired by Carey Watermark Investors
- May 04, 2015
The newly built Hilton Garden Inn and Homewood Suites in Midtown Atlanta was picked up recently by Carey Watermark Investors Inc., as announced by the buyer. The publicly registered REIT’s portfolio of lodging and lodging-related assets is managed by affiliates of W. P. Carey Inc. and Watermark Capital Partners. The select-service and extended-stay property includes a total of 228 guestrooms. The acquisition price was not disclosed.
The Hilton Garden Inn and Homewood Suites Atlanta Midtown is surrounded by a 14 million-square-foot office market and it is located in proximity to some of the area’s primary demand generators, such as The Coca-Cola Company, Equifax, Invesco and Earthlink. It also has convenient access to the Atlanta Hartsfield-Jackson International Airport, Interstate 75/85, the Perimeter as well as Downtown Atlanta and Buckhead.
Built in 2013, the asset includes 136 Hilton Garden Inn branded and 92 Homewood Suites branded hotel rooms, two breakfast areas, two lobbies and reception desks, two business centers, a restaurant, a heated outdoor swimming pool and a 24-hour fitness center. A total of 3,027 square feet of meeting space are also available on-site, 2,160 of which are taken up by a Piedmont Park room on the 12th floor. The building offers an above-grade structural parking deck as well.
The hotel will be managed by Crescent Hotels & Resorts, an independent third-party operator of hotels and resorts. Crescent currently operates over 80 hotels and resorts, with just under 19,000 rooms in 29 US states and Canada. Crescent is one of a few independent management companies approved to operate hotels of the Marriott, Hilton, Starwood, Hyatt and InterContinental brands.
Photo credits: Hilton Worldwide