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Six Continents Pays $2.84M for New Hotel Dirt

ATLANTA-The locally based hotelier plans a $100M, 422-unit, 21-story flagship InterContinental Buckhead Atlanta on a 3.7-acre parcel it purchased from an undisclosed Germany-based seller on Peachtree Road in Buckhead for $65.15 per sf, the most expensive land deal this year in metro Atlanta, according to GlobeSt.com research.

By Marita Thomas | Updated on October 09, 2002

ATLANTA-After a two-year delay, locally based Six Continents Hotels Americas has broken ground for a flagship, five-star InterContinental hotel in the city’s affluent Buckhead neighborhood. The hotel is slated to open in 2004.

Development costs are at least $100 million, according to published reports which say the hotel company paid about $10.5 million to a Germany-based company for the 3.7-acre site.

Six Continents officials couldn’t be reached at GlobeSt.com’s publication deadline to verify the purchase price and learn the seller’s identity. A prepared statement from the company didn’t disclose that information. But according to GlobeSt.com research, the land deal is the biggest of its kind this year in metro Atlanta.

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