Tavistock Buys Atlanta’s 151-Room St. Regis
- Feb 18, 2011
February 18, 2011
By Barbra Murray, Contributing Editor
Two years after the 26-story St. Regis Atlanta Hotel and Residences opened its doors, the asset has come under new ownership. Tavistock Group acquired the 151-room premier lodging facility and 30 remaining condominiums from a consortium of partners that includes parties associated with SR Hotel Development Co. L.L.L.P., the company that developed the property at a cost of approximately $160 million
St. Regis Atlanta sits at 88 W. Paces Ferry Rd., claiming a spot in the city’s ritzy Buckhead community. In addition to upscale guestrooms and an aggregate 53 residences, 23 of which have been claimed, St. Regis Atlanta offers 16,000 square feet of meeting and event space, a 7,800 square-foot spa, a state-of-the-art fitness facility, as well as a signature restaurant and two bars. The property’s opening in April 2009 marked the debut of the St. Regis brand in the State of Georgia.
Tavistock is not sharing the financial details of the transaction. However, according to Fulton County records, the hotel has an appraised value of about $44.7 million. As for the residences, Beacham & Co. Realtors has been marketing units with price tags as high as $5 million.
Tavistock is not intimidated by the fact that neither the hotel market nor the condominium market in Atlanta is firing on all cylinders. “We purchased The St. Regis Atlanta because we believe in the long-term prospects for the property,” Douglas McMahon, managing director of Tavistock, told CPE. “The hotel is strong today and positioned to gain even more strength as the economy recovers. The residences are in a class of their own. Many wonderful families have already moved in and call the St. Regis home. They are truly ‘Faberge Eggs,’ and we look forward to bringing the remaining residences to market over time. We are not in a hurry. These homes offer one of the most unique luxury lifestyle offerings in the Southeast.”