The purchase price was not disclosed; however, the asking price was $4 million, or about $31,000 per unit. Area hospitality industry brokers tell GlobeSt.com on condition of anonymity the closing price was in the $3-million to $3.75-million range.
Inman president Jeff Notrica promises to leave the hotel as is. "We have no plans to change anything at this time," he says. The Loudermilk family, headed by Lillian Loudermilk, has owned and operated the Clermont since the 1950s. Loudermilk's daughter, Susan Blauvelt, is the hotel's longtime manager.
Only 2.5 miles from the planned Downtown Georgia Aquarium and Coca-Cola Museum projects, the addition of the Clermont to Inman's portfolio makes the company a strategic player in Downtown's long-planned redevelopment.
"Growing up in Atlanta, I was always endeared to The Clermont Hotel," Notrica says. "Its unmatched location and historic design make it a great addition to our (100-property) real estate portfolio." He calls the property "the oldest and longest operating hotel in Atlanta."
Charles McDonald of Richard Bowers & Co. was the listing agent on the transaction.
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