Three Hotels Worth $350M to Be Developed at ATL
- Nov 21, 2016
Atlanta—Atlanta Mayor Kasim Reed, alongside Hartsfield-Jackson Atlanta International Airport (ATL), Majestic Realty Co. and Carter officials, has announced the approval of a ground lease to build a master-planned development at ATL, as part of the ATLNext initiative, a $6 billion expansion and upgrade plan. The development will consist of two phases, with the design stage expected to begin in 2017 and construction slated to commence by 2018. The total cost of the project is estimated at more than $350 million.
“With this partnership, Hartsfield-Jackson will soon have a world-class hotel worthy of the world’s leading airport. We are making investments today to secure the future of the airport and create long-term economic and business growth,” Mayor Reed said in a prepared statement.
Phase I of the development will consist of a 11-story, 440-key, four-star hotel with 800,000 square feet of conference/meeting space and an additional 60,000 square feet of Class A office space. The property will be built immediately west of the airport’s domestic terminal. The new hotel will also feature 750 parking stalls, MARTA and direct access to the SkyTrain that travels from ATL to Rental car Center and Georgia International Convention Center. In addition, a restaurant is planned for the main lobby and a skybar will be built on the tenth floor.
Majestic Realty Co. and Carter are undertaking discussions with InterContinental Hotels Group to serve as the hotel’s operator. Phase II of the development consists of two additional hotels on 13 acres of land just west of the Phase I site.
The city of Atlanta, Majestic Realty Co. and Carter formed a joint venture back in December 2015 after a year-long procurement process. The 50-year ground lease of 26.5 acres of land located west and southwest of the airport’s domestic terminal was unanimously approved by the Atlanta City Council in October 2016.
Recourtesy of Hartsfield-Jackson Atlanta International Airport