The pair bought the neglected landmark for $10 million and renovated the hotel for use as office space. The 11-story, 380,000-sf hotel was built in 1924 for $6 million and was the top hotel in Atlanta until the 1960s. The hotel closed in 1982 after being bought three years earlier for $4.5 million by Rocco and Gordon Cappucitti of Ontario Potato Distributors in Toronto.
After its closing, the grande dame of Atlanta's hotels sat neglected and inhabited by vagrants. The area surrounding the Biltmore was a collection of run-down buildings and lots for sale. Two major efforts in 1984 and again in the late 1980s to purchase and rehab the building fell through, and ownership reverted to the Cappucittis. Since the sale and renovation of the Biltmore, the entire surrounding area is undergoing redevelopment.
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