Upscale Boutique Hotel Changes Hands in Midtown ATL
- Sep 02, 2016
By Robert Demeter
Atlanta—Carey Watermark Investors 2 Inc. (CWI 2) has recently acquired the Renaissance Atlanta Midtown Hotel, a 21-story, full-service property with 304 guestrooms, located in the diverse and growing Midtown submarket of the Atlanta. Hodges Ward Elliott President Mark Elliott and Managing Director Pete Dannemiller represented the seller in the transaction. The sale price was undisclosed.
Built in 2009 and subsequently renovated in 2011, the boutique Renaissance Atlanta Midtown Hotel features high-quality finishes and has benefited from more than $3 million of capital improvements completed between 2011 and 2015, including a complete revamp of the hotel restaurant. After the purchase, CWI 2’s renovation plan includes small upgrades to guestrooms, along with improvements to public areas and meeting spaces.
The lifestyle hotel offers 17 suites within its 304-guest room portfolio. Amenities include 8,600 square feet of meeting space, full-service restaurant, rooftop bar and lounge, 24-hour spa and fitness center, as well as a business center. The hotel will be managed by Davidson Hotels & Resorts, an Atlanta-based hotel management company that operates upper upscale hotels and resorts throughout the United States.
As a member of the Marriott International family, the Renaissance Atlanta Midtown Hotel benefits from Marriott’s reservation system and loyalty program.
The hotel is centrally located in Midtown Atlanta, at the northwest corner of West Peachtree Street and Abercrombie Place. The Renaissance is also located near 14.7 million square feet of office space and cultural centers like the Woodruff Arts Center, The Fox Theatre.
“The acquisition of the Renaissance Atlanta Midtown Hotel represents the opportunity to invest in a newly built, upper upscale hotel with a strong brand affiliation, located in one of the most significant and growing business districts in the Southeast. In addition to generating attractive initial current cash flow, we believe the property’s ongoing performance and longer-term value can be improved through the implementation of strategic revenue enhancement and operating initiatives.,” said Michael Medzigian, CEO of CWI 2.
Photos courtesy of Marriott