Owner/developer Hamid Jahangard has invested a total $21 million in the acquisition and renovation of the 28-year-old property at an aggregate per-room cost of $50,480, according the developer's press release. Daily room rates are $70 to $130. Jahangard paid $11 million or $26,442 per room for the asset in 1999. He refurbished the former Georgia State University dormitory for another $10 million. Atlanta-based Ridgewood Hotels Inc. is managing the hotel.

The hotel has 20,000 sf of meeting space and is the nearest inn to the State Capitol, Turner Field, Zoo Atlanta and the concert/event venue HiFi Buys Amphitheater. The hotel plans to offer shuttle service to the Georgia World Congress Center, about five minutes away.

Atlanta Capitol Plaza opened in 1973 as the Atlanta Internationale Hotel. The property has gone through a series of owners and name changes over the years and became a college dormitory in 1992.