The largest hotel in downtown Atlanta has been sold to an undisclosed buyer for $293 million, or $176,000 per key. Host Hotels & Resorts sold this 479,002 SF, 50-story building at 265 Peachtree Center Ave NE as part of their asset sale strategy; the firm has sold 4 hotels for just over $450 million in the last 12 months. Host Hotels & Resorts owns more than 103 luxury properties in the US and 15 luxury properties internationally.
The Atlanta hotel market continues to rebound with increasing group and transient travel to the city, and the fact that Atlanta is considered to be a Top 5 convention market has also benefited the area’s hotel market. Six hotel transactions have taken place, and many speculate that this number will be even higher in 2013. Other secondary hotel markets hope to mirror Atlanta’s success in drawing in investors.Share