Sotherly Hotels Inc. Buys Georgian Terrace

The Georgian Terrace

Sotherly Hotels Group, formerly known as MHI Hospitality Corp., hinted last year that it would be looking to enter the Atlanta market by purchasing a major hotel here, but they refused to give any more details than that. Now it seems that the secret they were keeping was an iconic (and expensive) one. Sotherly announced this week that they have purchased the Georgian Terraces hotel downtown, located across the street from the Fox Theatre on Peachtree Street, for $61 million (about $140,000 per room). The Georgian Terraces has undergone more than $15 million in restoration since 2009. In addition to the hotel, a parking garage and .06 acre land parcel were included in the deal.

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