Midtown Atlanta Lifestyle Hotel Acquired by Carey Watermark Investors 2
Hodges Ward Elliott, the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, represented the former owner in the recently closed sale of the Renaissance Atlanta Midtown Hotel. The 21-story, 304 guestroom property, is located in Midtown Atlanta and was acquired by Carey Watermark Investors 2, a non-traded real estate investment trust focused on investing in lodging and lodging-related properties.
President Mark Elliott and Managing Director Pete Dannemiller of Hodges Ward Elliott, represented the seller in the transaction.
Constructed in 2009, Renaissance Atlanta Midtown Hotelis located at the northwest corner of West Peachtree Street and Abercrombie Place, in Midtown Atlanta. The property became part of the Marriott Renaissance lodging brand in 2011 and has also undergone more than $3 million of capital improvements over the last few years, including a complete redesign of its signature restaurant, Community Smith. Additional property improvements, including a renovation of the guestrooms along with improvements to public areas and meeting space, are also being planned.
“TheRenaissance Atlanta Midtown is an incredibly well-built and impeccably located hotel with strong in-place cash flow. The property will make a perfect edition to Carey Watermark’s impressive portfolio,” said Mark Elliott.
The property includes:
- 304 guest rooms including 17 suites
- 8,600 square feet of meeting space
- Full-service restaurant
- Rooftop bar and lounge
- 24-hour spa/fitness center
- 24-hour business center
The Midtown Atlanta market continues to expand. In addition to 14.7 million square feet of Class-A and Class-B office space, Georgia Tech, the Coca Cola headquarters and the 189-acre Piedmont Park, Midtown is also considered to be the cultural center of the city. As one of the few full-service hotels in Midtown Atlanta, the Renaissance is ideally located to take advantage of the market’s lodging growth opportunities.
About Hodges Ward Elliott:
Hodges Ward Elliott, founded in 1975, is the leading independent hotel brokerage and investment-banking firm in the world providing total capital solutions, including hotel sales, recapitalizations and debt placement for its clients. Over the past 5 years, HWE has sold or financed more than $20 billion of hotels and resorts across the U.S. and Europe including more than $5billion since January 1, 2015. The opening of HWE’s New York office and commercial investment sales practice will expand its service lines to include office, multifamily, retail and land transactions.
